Indra buys Park Air Systems Norway
Indra has bought 100 percent of the shares in the air traffic management systems company Park Air Systems Norway from its owner Northrop Grumman Denmark. The transaction values Park Air Systems’ Norway business at an enterprise value of €42 million. Park Air Systems Norway’s global consolidation into Indra, which is expected by May, increases Indra’s 2012 revenues growth target from 6.5 to 7.5 percent up to 8 to 9 percent, with all other targets remaining unchanged.
Following the acquisition, the Norwegian company will operate as an independent Indra subsidiary and will be re-named Indra Navia, a return to using the name Navia Aviation under which it was originally founded.
This deal enlarges Indra’s portfolio of air traffic management systems, complements the range of solutions being offered by Park Air Systems Norway, and creates opportunities for both companies to realise significant synergies. Indra is one of the leading players in the global market for air traffic management systems, with more than 1,200 facilities in 95 countries and more than 30 years of experience.
The Norwegian company is a recognised air traffic management business. It is the global leader in the landing systems market with its NORMARC brand and is well positioned in voice communication control systems and in systems for the surveillance and guidance of aircraft at airports, under the GAREX and NOVA brands respectively.
Park Air Systems Norway has a total workforce of 174 spread across its Oslo and Horten facilities and its sales offices in France, China, Malaysia, and the United Arab Emirates. The execution and delivery of all current programmes being undertaken by Park Air Systems Norway will continue to run their normal course, and the company's customers, suppliers and employees will be unaffected by this change in ownership.