Britain's Kelvin Hughes, a maker of radar sensors, security and navigation products, is being acquired by Hensoldt, an Airbus spinoff company.
ECI Partners, parent company of Kelvin Hughes, said completion of the transaction remains subject to regulatory clearances.
"Following the buyout from Smiths Group, ECI has been a consistent and supportive partner as we have consolidated our position as a global leader in surveillance and security radar solutions," Russell Gould, chief executive officer of Kelvin Hughes, said in a press release. "With the support of ECI, we have developed cutting-edge technologies, introduced new solutions and expanded our global reach across 60 countries.
"We are excited to partner with Hensoldt on the next phase of Kelvin Hughes' growth, benefiting from its expertise and capabilities in sensors to offer additional services to our clients and further opportunities to our employees."
Hensoldt is an independent sensor house. It provides radars and IFF systems on airborne, naval and land platforms. It comprises the security and defense electronics activities of the Airbus Group, which were spun off in 2017.
"Kelvin Hughes is highly successful in the marine and security markets, while Hensoldt has a strong position in the higher-end military and surveillance radar domains," said Thomas Müller, Hensoldt Chief Executive Officer. "Our portfolios and market access are highly complementary and we will see significant growth from this transaction."
The terms of the proposed transaction were not disclosed.
Defense spending by European NATO countries to rise in 2017
Total defense expenditures by NATO members in Europe and Canada are projected to rise in 2017, according to a report released by NATO on Thursday.
The report indicates a boost of 4.3 percent in overall spending by non-U.S. NATO members, marking the sharpest rise in years.
NATO Secretary General Jens Stoltenberg told reporters Thursday that the new money represents "a significant … read more
