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Britain's Chemring Group PLC last week said it has conditionally agreed to acquire the North Carolina-based Chemical, Biological and Explosives (CBE) operation from General Dynamics' [GD] Armament and Technical Products subsidiary for $90 million in cash.
The CBE business had $61.5 million in sales last year and pre-tax profits of $8.3 million, versus sales of $69.8 million and pre-tax profits of $8.3 million in 2009. The business also had $62 million in orders as of March 31. The acquisition, which is subject to regulatory approvals in the United States, is expected to close within 60 days.
The GD operation is a prime contractor on two important United States military vehicle-mounted detection programs, the Joint Biological Point Detection System (JBPDS) and the Joint Service Lightweight Standoff Chemical Agent Detector (JSLSCAD). GD has sold 750 of...