Defense and security company Saab AB's acquisition of the US Sensis Corporation has been completed, thus creating a stronger foundation for growth in the North American market for Sweden's Saab Group.
With the requisite reviews by the US Trade Commission, according to the antitrust laws as well as by the Committee on Foreign Investment in the United States (CFIUS), having been successfully completed, the former Sensis Corporation has been renamed Saab Sensis Corporation. The company will continue operations in the US as a subsidiary within the Saab Group.
"This acquisition is in line with our ambition to focus on selected markets and grow our core business. Saab Sensis’ offering and their strong local presence in the US within radar and sensors and a world-leading position in the Air Traffic Management market is an excellent complement to our operations,” said Håkan Buskhe, President and CEO.
He added, “In addition, we also see good potential to expand the company’s existing product portfolio, leveraging other Saab technology such as our C4Isolutions, to further increase our reach into the US defense market. As a result of the identified significant medium to long term operational synergies, as well as from a sales and marketing perspective, we believe the acquisition will be value enhancing.”
Saab Sensis has a workforce of approximately 600 employees and services a global base of more than 60 customers located in more than 35 countries across six continents. The company generated revenues of about $173 million in fiscal year July-June 2009/2010 ($158 million in 2008/2009) and EBIT of about $4.0 million in fiscal year July-June 2009/2010 ($7.2 million in 2008/2009).