DAYTON, Ohio, 11 February 2005. MTC Technologies, Inc. announced that pursuant to previously released news, MTC today completed the acquisition of Manufacturing Technology, Inc. (MTI), Fort Walton Beach, Fla.
MTC paid $70 million in cash at closing, and may pay an additional $5 million in 2005 if certain operational goals are achieved, according to Michael Gearhardt, MTC Chief Financial Officer. The acquisition will be immediately accretive and the company will issue revised guidance for 2005 with its announcement of Fourth Quarter and Full Year 2004 Financial results on 22 February.
"I am very pleased to welcome MTI's 450 employees to our MTC family. The entire MTC organization is anxious to start working with MTI's professionals to sustain and enhance the war fighting capabilities of our nation's military," said MTC's CEO, David Gutridge.
MTC, through its wholly owned subsidiaries, provides systems engineering, information technology, intelligence, and program management solutions to the federal government, including the Department of Defense and national security agencies.
Named by Business Week as the 11th fastest growing small company in the United States, by Forbes as 23rd of the 200 best businesses in America, and by Washington Technologies as 2nd in revenue growth among the "Top 100" of IT Federal Prime Contractors, MTC employs nearly 2,500 people in more than 30 locations. The company was founded in 1984 and is headquartered in Dayton, Ohio. For more information, see www.mtctechnologies.com.