- SPX Corp SPXC acquired Enterprise Control Systems Ltd, a U.K.-based company that designs and manufactures highly-engineered tactical datalinks and radio frequency (RF) countermeasures, including counter-drone and counter-IED RF jammers. The financial terms of the deal were not disclosed.
- ECS's results will be reported as part of SPX's Communications Technology platform within its Detection & Measurement segment.
- ECS will contribute annualized revenue of approximately $14 million and is expected to be accretive to Detection & Measurement segment margin once fully integrated.
- "As our first acquisition in our CommTech platform, ECS expands and strengthens SPX's position in COMINT by adding highly complementary, world-class products and technology. We see significant opportunities to grow our presence in COMINT and complementary technologies and solutions worldwide," commented Gene Lowe, President and CEO of SPX.
- Price action: SPXC shares closed higher by 0.29% at $65.50 on Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in