DRS Technologies, Inc. (DRS) is a US-based defense contractor. Previously traded on the NYSE, the company was purchased by the Italian firm Finmeccanica in October 2008.
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After the September 11, 2001 terrorist attacks on the United States, DRS's high tech surveillance- and intelligence-related electronics equipment became even more in demand. The following year, there were numerous mergers and acquisitions in the defense sector, and DRS completed its share of deals. The company bought the unmanned aerial vehicle (UAV) business of Meggitt PLC in April 2002. UAVs became the darlings of military planners during the campaign to oust the Taliban in Afghanistan, and they offered a new platform for DRS's electro-optical targeting technology.
DRS expanded its traditional naval business when it acquired the Navy Controls Division of Eaton Corporation for $92.2 million in May 2002. This unit made electrical power conversion and control systems for naval vessels, including nuclear ones. The business was renamed DRS Power & Control Technologies. It had 700 employees in Connecticut and Wisconsin. Also in May, DRS shares migrated from the American Stock Exchange to the New York Stock Exchange.
Other deals followed in close succession, including the acquisition of Nytech Integrated Infrared Systems Inc., a private manufacturer of thermal imaging systems for portable weapons. In the fall of 2002, DRS agreed to acquire Paravant Inc. in a deal worth $105 million. Paravant made computer systems for use by intelligence agencies and upgraded systems in military aircraft. The Paravant buy greatly expanded DRS's relationship with the U.S. Air Force and with the intelligence community.
The Navy was retiring its Aegis class of destroyers, for which DRS had supplied control panels. In February 2003, DRS bought Power Technology Inc., the supplier of power and propulsion systems for the new DD(X) series destroyer. DRS paid $35 million for the unit. Power Technology had 75 employees; it had been started in 1998 with just three. DRS was supporting prime contractors in other military platforms of the future, including the CVN(X) aircraft carrier and Virginia class submarine.
In January 2003, DRS bought a Massachusetts-based power and control business, the Electromagnetics Development Center (EDC) of Kaman Corporation. EDC made electric motors and generators for industry and defense and employed 76 people in Connecticut.
Revenues and earnings rose to record levels in fiscal 2003. Total sales were $675.8 million, while net earnings rose 48 percent to $30.2 million. Mark Newman was aiming to make the company a $1 billion player.
Principal Subsidiaries: DRS Communications Company LLC; DRS Data & Imaging Systems, Inc.; DRS Data & Imaging Systems Ltd. (United Kingdom; DRS Data Systems (Europe) Ltd. (United Kingdom); DRS Electric Power Technologies, Inc.; DRS Electronic Systems, Inc.; DRS FPA, Inc.; DRS Power & Control Technologies, Inc.; DRS Engineering Development Labs, Inc.; DRS Hadland GmbH (Germany); DRS Hadland, Inc.; DRS Hadland Ltd. (United Kingdom); DRS Infrared Technologies, LP; DRS International, Inc.; DRS Nytech Imaging Systems, Inc.; DRS Optronics, Inc.; DRS Power Technology, Inc.; DRS Rugged Systems (Australia) Pty. Ltd; DRS Rugged Systems (Europe) Products Ltd. (United Kingdom); DRS Sensors & Targeting Systems, Inc.; DRS Signal Recording Technologies, Inc.; DRS Signal Technologies, Inc.; DRS Systems, Inc.; DRS Systems Management Corporation; DRS Surveillance Support Systems, Inc.; DRS Tactical Systems, Inc.; DRS Tactical Systems, Ltd. (United Kingdom); DRS Tactical Systems (West), Inc.; DRS Technical Services, Inc; DRS Technologies Canada, Inc.; DRS Technologies Canada Company; DRS Technologies Canadian Capital Corporation; DRS Technologies Capital Company, Inc. (Canada); DRS Unmanned Technologies, Inc.; Laurel Technologies Partnership; NAI Technologies, Inc.; Paravant Inc.
Principal Divisions: Avionics; Commercial Products; Communications; Electro-Optics; Electronics.
Principal Competitors: Aeroflex Inc.; General Dynamics Corporation; EDO Corporation; Sparton Corporation
Diagnostic/Retrieval Systems, Inc (DRS) was founded in 1968 by Leonard Newman (whose son, Mark Newman, is the current CEO) and David Gross, two engineers working for Loral Corporation. The two were working on signal processing techniques for anti-submarine warfare. When Loral chose to pursue other technology, Newman and Gross founded DRS to continue their research, which ultimately led to development of the AN/SQR-17 passive submarine detection system, a product still used today.
DRS went public in 1981 and acquired its first company in 1984. By 1994, DRS set a goal to become a mid-tier defense contractor, defined by $500M in sales – notwithstanding that DRS at the time had only $58M in sales. Six years later, at the turn of the century, DRS reached the $391M sales level, and in 2004 surpassed the $1B sales mark.
Statistics:
Public Company
Incorporated: 1968
Employees: 3,750
Sales: $675.8 million (2003)
Stock Exchanges: New York
Ticker Symbol: DRS
NAIC: 334111 Electronic Computer Manufacturing; 334119 Other Computer Peripheral Equipment Manufacturing
Key Dates:
1969: Diagnostic/Retrieval Systems Inc. begins operations.
1981: DRS goes public.
1984: Precision Echo acquired.
1995: Assets of Opto Mechanik are acquired; the company's headquarters are moved to Parsippany, New Jersey.
1997: The company's name is changed to DRS Technologies Inc.; Spar Aerospace and Hadland businesses are acquired.
2000: General Atronics and Boeing sensors unit are bought.
2002: Eaton Corporation's Navy Controls Division, Paravant Inc., and Meggitt's UAV business are bought.
2003: Power Technology and EDC are acquired.
Address:
5 Sylvan Way
Parsippany, New Jersey 07054
U.S.A.
DRS Technologies, Inc.(DRS) stock news and commentary brought to you by StockNod. Here you will find expert commentary on DRS Technologies only available at StockNod, along with the latest in DRS Technologies stock news articles, blog postings, press releases, and podcasts. We continuously feature DRS news articles from all the major news providers, as well as fresh content from blog writers blogging about DRS. All DRS stock news articles are updated throughout the day so you will always have the latest scoop on DRS Technologies
After the September 11, 2001 terrorist attacks on the United States, DRS's high tech surveillance- and intelligence-related electronics equipment became even more in demand. The following year, there were numerous mergers and acquisitions in the defense sector, and DRS completed its share of deals. The company bought the unmanned aerial vehicle (UAV) business of Meggitt PLC in April 2002. UAVs became the darlings of military planners during the campaign to oust the Taliban in Afghanistan, and they offered a new platform for DRS's electro-optical targeting technology.
DRS expanded its traditional naval business when it acquired the Navy Controls Division of Eaton Corporation for $92.2 million in May 2002. This unit made electrical power conversion and control systems for naval vessels, including nuclear ones. The business was renamed DRS Power & Control Technologies. It had 700 employees in Connecticut and Wisconsin. Also in May, DRS shares migrated from the American Stock Exchange to the New York Stock Exchange.
Other deals followed in close succession, including the acquisition of Nytech Integrated Infrared Systems Inc., a private manufacturer of thermal imaging systems for portable weapons. In the fall of 2002, DRS agreed to acquire Paravant Inc. in a deal worth $105 million. Paravant made computer systems for use by intelligence agencies and upgraded systems in military aircraft. The Paravant buy greatly expanded DRS's relationship with the U.S. Air Force and with the intelligence community.
The Navy was retiring its Aegis class of destroyers, for which DRS had supplied control panels. In February 2003, DRS bought Power Technology Inc., the supplier of power and propulsion systems for the new DD(X) series destroyer. DRS paid $35 million for the unit. Power Technology had 75 employees; it had been started in 1998 with just three. DRS was supporting prime contractors in other military platforms of the future, including the CVN(X) aircraft carrier and Virginia class submarine.
In January 2003, DRS bought a Massachusetts-based power and control business, the Electromagnetics Development Center (EDC) of Kaman Corporation. EDC made electric motors and generators for industry and defense and employed 76 people in Connecticut.
Revenues and earnings rose to record levels in fiscal 2003. Total sales were $675.8 million, while net earnings rose 48 percent to $30.2 million. Mark Newman was aiming to make the company a $1 billion player.
Principal Subsidiaries: DRS Communications Company LLC; DRS Data & Imaging Systems, Inc.; DRS Data & Imaging Systems Ltd. (United Kingdom; DRS Data Systems (Europe) Ltd. (United Kingdom); DRS Electric Power Technologies, Inc.; DRS Electronic Systems, Inc.; DRS FPA, Inc.; DRS Power & Control Technologies, Inc.; DRS Engineering Development Labs, Inc.; DRS Hadland GmbH (Germany); DRS Hadland, Inc.; DRS Hadland Ltd. (United Kingdom); DRS Infrared Technologies, LP; DRS International, Inc.; DRS Nytech Imaging Systems, Inc.; DRS Optronics, Inc.; DRS Power Technology, Inc.; DRS Rugged Systems (Australia) Pty. Ltd; DRS Rugged Systems (Europe) Products Ltd. (United Kingdom); DRS Sensors & Targeting Systems, Inc.; DRS Signal Recording Technologies, Inc.; DRS Signal Technologies, Inc.; DRS Systems, Inc.; DRS Systems Management Corporation; DRS Surveillance Support Systems, Inc.; DRS Tactical Systems, Inc.; DRS Tactical Systems, Ltd. (United Kingdom); DRS Tactical Systems (West), Inc.; DRS Technical Services, Inc; DRS Technologies Canada, Inc.; DRS Technologies Canada Company; DRS Technologies Canadian Capital Corporation; DRS Technologies Capital Company, Inc. (Canada); DRS Unmanned Technologies, Inc.; Laurel Technologies Partnership; NAI Technologies, Inc.; Paravant Inc.
Principal Divisions: Avionics; Commercial Products; Communications; Electro-Optics; Electronics.
Principal Competitors: Aeroflex Inc.; General Dynamics Corporation; EDO Corporation; Sparton Corporation
Diagnostic/Retrieval Systems, Inc (DRS) was founded in 1968 by Leonard Newman (whose son, Mark Newman, is the current CEO) and David Gross, two engineers working for Loral Corporation. The two were working on signal processing techniques for anti-submarine warfare. When Loral chose to pursue other technology, Newman and Gross founded DRS to continue their research, which ultimately led to development of the AN/SQR-17 passive submarine detection system, a product still used today.
DRS went public in 1981 and acquired its first company in 1984. By 1994, DRS set a goal to become a mid-tier defense contractor, defined by $500M in sales – notwithstanding that DRS at the time had only $58M in sales. Six years later, at the turn of the century, DRS reached the $391M sales level, and in 2004 surpassed the $1B sales mark.
Statistics:
Public Company
Incorporated: 1968
Employees: 3,750
Sales: $675.8 million (2003)
Stock Exchanges: New York
Ticker Symbol: DRS
NAIC: 334111 Electronic Computer Manufacturing; 334119 Other Computer Peripheral Equipment Manufacturing
Key Dates:
1969: Diagnostic/Retrieval Systems Inc. begins operations.
1981: DRS goes public.
1984: Precision Echo acquired.
1995: Assets of Opto Mechanik are acquired; the company's headquarters are moved to Parsippany, New Jersey.
1997: The company's name is changed to DRS Technologies Inc.; Spar Aerospace and Hadland businesses are acquired.
2000: General Atronics and Boeing sensors unit are bought.
2002: Eaton Corporation's Navy Controls Division, Paravant Inc., and Meggitt's UAV business are bought.
2003: Power Technology and EDC are acquired.
Address:
5 Sylvan Way
Parsippany, New Jersey 07054
U.S.A.