DRS Technologies Sells Magnetic Heads Business Unit.Business Editors PARSIPPANY, N.J.--(BUSINESS WIRE)--May 29, 2002 DRS Technologies DRS Technologies, Inc. (commonly known as DRS; formerly known as Diagnostic/Retrieval Systems, Inc.) is a supplier of defense electronic products and systems to the United States Air Force, Army, Coast Guard, Marine Corps, Navy, aerospace and defense prime , Inc. (NYSE NYSE See: New York Stock Exchange : DRS DRS Drives (street suffix) DRS Dispute Resolution Service DRS Doctorandus DRS Department of Rehabilitative Services DRS Direct Registration System (securities) DRS Department of Rehabilitation Services ) announced today that it has sold the assets of its DRS Ahead Technology unit to Ahead Magnetics, Inc., a California-based company operating as AheadTek, in a management buyout Management buyout (MBO) Leveraged buyout whereby the acquiring group is led by the firm's management. management buyout See going private. . The value of the sale was not disclosed. The operation accounted for less than 2 percent of DRS Technologies' fiscal 2002 revenues. Mark S. Newman, chairman, president and chief executive officer of DRS Technologies, said, "The sale of the DRS Ahead Technology unit represents a strategic decision to concentrate our resources on our core defense businesses. We believe that this unit and its established customer base will benefit from the transfer to an interested buyer completely focused on the commercial magnetic media industry." AheadTek develops and manufactures magnetic head components for commercial customers worldwide in the television broadcast, video production, computer and data storage industries. Products include video heads for broadcast stations and video production facilities, specialty test heads for computer disk drive and thin-film media manufacturers, as well as servo An electromechanical device that uses feedback to provide precise starts and stops for such functions as the motors on a tape drive or the moving of an access arm on a disk. write heads for certain data storage tape formats. AheadTek will continue operations at its current San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. location. DRS Technologies provides leading edge products and services to government and commercial customers worldwide. Focused on defense electronics, the company develops and manufactures a broad range of mission critical systems and components in the areas of communications, combat systems, rugged computers, electro-optics, data storage, digital imaging, flight safety and space. For more information about DRS Technologies, please visit the company's web site at www.drs.com. |
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