PROVIDENCE, R.I., 30 October 2006. Textron Inc.'s Textron Systems unit has reached an agreement to acquire Overwatch Systems for a purchase price of approximately $325 million. The acquisition is intended to extend the core capabilities of Textron Systems' aerospace and defense business.
Overwatch Systems is a developer and provider of intelligence analysis tools and communications products for the U.S. Department of Defense, the Department of Homeland Security, U.S. intelligence agencies, and select foreign militaries.
"This acquisition is in perfect alignment with our strategy to add important capabilities to our current businesses, to further serve our government, military, and homeland security customers," says Textron chairman, president, and CEO, Lewis B. Campbell. "In addition, it complements our current precision engagement strategy, adding critical new products to our intelligent battlefield offerings."
Headquartered in Morristown, N.J., Overwatch Systems develops and markets integrated systems that enable analysts to generate actionable intelligence faster and more effectively for the war fighter, first responder, analyst, and policy maker.
The transaction is subject to normal regulatory approvals and is expected to close by the end of the year.