ATLANTA, 29 August 2006. Firearms Training Systems Inc. has entered into a definitive merger agreement with Meggitt-USA Inc., the U.S. subsidiary of Meggitt PLC.
"Combining Meggitt's development and commercialization capabilities in the aerospace and defense industries with FATS' cutting edge technology in the virtual training solutions market, creates an excellent opportunity to leverage the significant strengths of both companies," says Ronavan Mohling, president and Chief Executive Officer of FATS.
The merger agreement has been approved by the boards of directors of FATS, Meggitt-USA Inc., and Meggitt PLC. Meggitt PLC has guaranteed the obligations of Meggitt-USA under the merger agreement, and the merger agreement is not conditioned on any financing contingency. The merger is subject to customary closing conditions, including the receipt of various regulatory approvals.
The merger is expected to be completed in the fourth quarter of 2006.
