LANCASTER, Pa., 4 February 2005. Herley Industries, Inc. announced today that it has acquired Micro Systems, Inc. in Ft. Walton Beach, Fla. The acquisition, effective February 1, 2005, was an all cash transaction totaling approximately $20 million.
Micro Systems is a recognized market leader in engineering, design, and manufacturing of command & control systems for operation and tracking of unmanned aerial, seaborne, and ground targets and missiles. Company revenues for fiscal year ended December 31, 2004 were approximately $14 million.
"We are very pleased to have Micro Systems join Herley," said John M. Kelley, president. "Their specialized expertise in command & control systems will add depth to Herley and allow us to expand into complementary markets. Micro Systems will remain at its Ft. Walton Beach, Florida location, and will operate as a subsidiary of Herley Industries, Inc. By combining the strengths of Micro Systems and Herley, we will be able to offer the best possible solutions to our worldwide customers."
"We are very pleased to have joined the Herley team of companies. The acquisition will add significant strength to Micro Systems, Inc. open additional business opportunities in Command & Control Systems, particularly in foreign markets," said Cort Proctor, president of Micro Systems, Inc.
Herley Industries, Inc. is a leader in the design, development and manufacture of microwave technology solutions for the defense, aerospace and medical industries worldwide. Based in Lancaster, Pa., Herley has eight manufacturing locations and more than 900 employees. For more information see www.herley.com.
