QinetiQ boosts expertise in unmanned aerial targets with acquisition of Meggitt Target Systems
FARNBOROUGH, England -- Executives of defense electronics specialist QinetiQ in Farnborough, England, are boosting their company's expertise in military unmanned aerial targets with their acquisition of Meggitt Target Systems Ltd. in Ashford, England.
FARNBOROUGH, England -- Executives of defense electronics specialist QinetiQ in Farnborough, England, are boosting their company's expertise in military unmannedaerial targets systems with their acquisition of Meggitt Target Systems Ltd. in Ashford, England.
The deal, worth 57.5 million British pounds sterling (about $71.3 million), comprises Meggitt Defense Systems Limited in Ashford, England, and Meggitt Holdings Canada Inc. in Medicine Hat, Alberta. Together these two entities make up Meggitt Target Systems.
Meggitt Target Systems is an international provider of unmanned aerial, naval and land-based targets and services for test, evaluation, training, and mission rehearsal.
The company provides targets to about 40 countries, and performs on-site target services in 15 of those countries.
Meggitt Target Systems will form part of QinetiQ’s new International business unit, and will be reported within QinetiQ’s Global Products division in Ashford, England.
QinetiQ officials say the acquisition opens new routes to market to accelerate QinetiQ’s international growth, will add several customer relationships in Europe, Asia and North America, and establishes a design and manufacture capability in Canada.
The business is expected to generate about $34.7 million in revenue and $6.8 million in operating profit in the fiscal year ending 31 December 2016. QinetiQ is a science and engineering company operating primarily in defense, security and aerospace markets.
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