28 May 02. DRS Technologies Inc. (DRS) signed a definitive contract to buy Eaton Corp.’s (ETN) Navy Controls unit for $92.2m in cash, in a move that will add to its fiscal 2003 results.
In a press release Tuesday, data-storage components maker DRS said the Navy Control unit will add about $90m in sales and 20 cents a diluted share to its results in the first 12 months of operation.
On May 29th, DRS sold the assets of its DRS Ahead Technology unit to Ahead Magnetics Inc., a California -based company operating as AheadTek, in a management buyout.
DRS said the operation accounted for less than 2% of its fiscal 2002 revenue, which was $517.2m.