EDO Corp. Acquires EVI Technology
Wednesday May 11, 3:48 pm ET
EDO Corp. Completes Acquisition of EVI Technology for Undisclosed Amount
NEW YORK (AP) -- EDO Corp., a maker of radar and sonar systems for the defense industry, said Wednesday that it completed its acquisition of EVI Technology LLC, a privately held company which designs and produces communications systems for intelligence and law enforcement.
Financial terms of the deal were not disclosed.
EDO said it expects the acquisition to add about $15 million to its revenue for the remainder of 2005, and $23 million annually. Analysts polled by Thomson Financial expect the company to post revenue of $609 million for 2005 and $650.6 million for 2006.
The company said the acquisition of EVI, which employs about 140 people, will add technology for strategic markets including force protection and national security. EDO said almost all of EVI's business is classified.
Shares of EDO fell 6 cents to $29.30 in afternoon trading on the New York Stock Exchange.
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