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EDO Completes Acquisition Of CAS

by Staff Writers
New York NY (SPX) Sep 11, 2006
EDO Corporation has completed the acquisition of CAS Inc, a privately-held company that provides engineering services, logistics support, and weapons-systems analysis to the Department of Defense. The previously announced purchase price of $175.6 million was funded from EDO's current cash balance, plus a $100 million borrowing from the company's bank-credit facility, and 214,574 shares of restricted common shares.

The acquisition will be immediately accretive to EDO's earnings.

"With the acquisition of CAS, we are tripling the size of our professional and engineering services business and substantially increasing our scope of work with the Army," said EDO Chief Executive Officer James M. Smith.

"We are adding an excellent, well-respected work force and management team, with a shared commitment to excellence. Like EDO, CAS has products and services that are highly engineering driven, and will greatly strengthen our position in strategically important markets."

For example, CAS provides system engineering and analysis support for theater missile defense, air defense, aviation, and land-combat missile systems, such as the PATRIOT missile program. The current PATRIOT support contract, valued at $377 million, was awarded in October 2003 and extends until October 2008.

CAS is a premier full service provider based in Huntsville, Ala., a growing center for the missile-defense, aviation, and logistics programs of its largest customer, the United States Army. It has approximately 1,000 employees operating in 13 states, as well as on military bases worldwide. Revenue for the 12 months ended March 31, 2006 was $184.3 million. Revenue has grown steadily since the company's founding in 1979, with annual growth averaging more than 18 percent over the past five fiscal years.

"We expect the CAS team to play a major role along side our current Professional and Engineering Services team in executing our combined professional services operational strategy," continued Smith. The combined operation will be headed by Charles Vaughn, who has been president of the Tactical Systems Group at CAS. The company will become part of EDO's Engineered Systems and Services reporting segment.

Related Links
EDO Corporation

Czech Govt Under Fire Over US Missile Plans
Prague (AFP) Sep 09, 2006
Less than a week after taking office, the Czech Republic's new minority government is embroiled in a major political row with opposition parties over a US project to base missiles on Czech territory.

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