DRS Technologies Signs Agreement to Sell Magnetic Head Business Units.Business Editors PARSIPPANY, N.J.--(BUSINESS WIRE)--May 18, 2000 DRS Technologies, Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. : 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 entered into a definitive agreement to sell its magnetic tape head business to a private investor. The agreement is for the sale of business units located in St. Croix Falls, Wisconsin St. Croix Falls is a city in Polk County, Wisconsin, USA. The population was 2,033 at the 2000 census. The city is located within the Town of St. Croix Falls. U.S. Highway 8, Wisconsin Highway 35, and Wisconsin Highway 87 are three of the main arterial routes in the city. , and Razlog, Bulgaria. The terms of the agreement were not disclosed. The company will retain its magnetic head business unit located in San Jose, California San Jose (IPA: /ˌsænhoʊˈzeɪ/) is the third-largest city in California, and the tenth-largest in the United States. It is the county seat of Santa Clara County. . The St. Croix Falls and Bulgarian operations produce primarily magnetic data and tape recording heads for transaction products that read and write data from magnetic cards, tapes and ink. They accounted for approximately 2 percent of DRS Technologies' fiscal 2000 revenues. Mark S. Newman, chairman, president and chief executive officer of DRS Technologies, said, "The agreement to sell our St. Croix Falls and Bulgarian operations represents a strategic decision to concentrate our resources on our core businesses. We believe that these units and their established customer base will benefit from the transfer to an interested buyer in a compatible industry." Mr. Newman indicated that the operating results of these business units will be reported as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. in the company's fiscal 2000 consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge . The company expects to announce fiscal 2000 fourth quarter and year-end financial results later today. 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 products, from rugged computers and peripherals to systems and components in the areas of communications, data storage, digital imaging, electro-optics, flight safety and space. Additional information is available on the company's web site at www.drs.com. |
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