FAIRFAX, Va. (AP) - Defense contractor ManTech International Corp., in its largest-ever acquisition, said Monday it agreed to acquire privately-held defense technology firm SRS Technologies Inc. for $195 million in cash.
ManTech said the acquisition of Newport Beach, Calif.-based SRS -- which it anticipates closing in the second quarter -- would add to its earnings late this year.
SRS, which derives more than 85 percent of revenue from sales to defense, intelligence and homeland security agencies, specialized in radar systems, weapons detection programs and intelligence systems. SRS expects to record more than $175 million in revenue in the current fiscal year, ManTech said. In 2006, ManTech booked sales of $1.14 billion.
Shares of ManTech added 4 cents in aftermarket activity, after closing down 10 cents at $32.89 on the Nasdaq Stock Market.
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