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Article Excerpt
PARSIPPANY, N.J. -- DRS Technologies, Inc. (NYSE: DRS) announced today that it has acquired certain assets and liabilities of Night Vision Equipment Company (NVEC), a privately-held business established in 1977 and headquartered in Allentown, Pennsylvania. The purchase price was $42.5 million in cash, with additional consideration payable upon achievement of certain revenue targets.
NVEC is a manufacturer and marketer of innovative night vision products and combat identification systems. It focuses on the rapid development and delivery of lightweight, affordable image intensification (I2) night vision, uncooled thermal imaging, reflective combat identification and laser-based products for U.S. and international militaries and paramilitary organizations. NVEC maintains research, development and production facilities in Prescott Valley, Arizona, and has production and sales agreements with leading infrared and thermal imaging divisions of several major U.S. prime contractors.
NVEC is...
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