BUSINESS NEWS
27 Aug 07. ITT Corporation today announced it has agreed to acquire Dolphin Technology, Inc., a privately-held company. Dolphin is a leader in the development of information assurance technologies that enable secure networks for military, intelligence and law enforcement customers. The acquisition significantly enhances ITT’s portfolio in the cyber technology and intelligence markets. The transaction is subject to standard closing conditions and is expected to close in the third quarter. “This acquisition positions ITT to compete for a number of new programs, including those in the intelligence community and cyber forensics,” said Steve Gaffney, president of ITT Defense Electronics & Services. “ITT’s current information security programs are strong. With Dolphin, our combined expertise in research, development and operation of secure information sharing systems ensures that we will be able to best serve the growing technology needs of our customers.” Dolphin Technology is based in Rome, N.Y., and employs 100 people. It recorded approximately $15M in sales in 2006.
17 Aug 07. Lockheed Martin Buys Sim Company 3Dsolve. Lockheed Martin announced Friday that it has purchased the simulation company 3Dsolve of Cary, N.C., and will move the new acquisition under the wing of its Simulation, Training & Support unit. No financial figures were given in the buyout of the privately held 3Dsolve, which creates simulation-based learning solutions for military and business customers. 3Dsolve’s software is used in serious games and its expertise includes multimedia, software engineering, digital artwork, instructional design and project management for use in simulation learning solutions. “We are very pleased to join LM STS to address exciting opportunities,” said Richard Boyd, CEO of 3Dsolve, who will now be director of Lockheed Martin 3D Learning Systems. “With our experience in gaming, visualization and training combined with Lockheed Martin’s expertise and resources, we intend to be the leader in simulation-based learning.” “The acquisition of 3Dsolve will strengthen our ongoing initiatives in the rapidly growing training and simulation market, allowing us to provide a broader array of solutions and services to our expanding customer base,” said Dale Bennett, president of Lockheed Martin Simulation, Training & Support. “This transaction represents a solid strategic fit for our business and will enable us to strengthen our core competencies, leverage the talents of our employee base and support Lockheed Martin Corporation’s long-term strategy of value expansion.” (Source: Defense News)
Aug 07. Denmark’s Ministry of Defense (MoD) anticipates strong international interest in Ammunitionsarsenalet (AMA), the state-owned ammunition company that the ministry is offering for sale through a privatization process. AMA, Frederikshavn, is Denmark’s biggest munitions producer. The company’s manufacturing operations are almost exclusively focused on land mine components and munitions for the Danish Armed Forces. It produces ammunition for handguns, rifles and small artillery pieces. AMA operates within the military’s Materiel Command Section. AMA’s revenues amounted to $32m in 2006. (Source: Defense News)
17 Aug 07. Dell Inc. said it would restate more than four years of its financial results, after a massive internal investigation found that unidentified senior executives and other employees manipulated company accounts to hit quarterly performance goals. The restatement will reduce the computer maker’s reported profit by $50m to $150m, not a huge sum for a company that posted net income of about $12bn over the four-year period. But the details disclosed by the long-awaited investigation are a black eye for Dell, a once-consistent performer that has been struggling to regain its footing. Analysts saw the relatively small size of the restatement as a positive, removing a cloud of uncertainty over the company. Dell share