Ducommun to divest Miltec Corporation
Ducommun Incorporated (“Ducommun” or the “Company”) announced on February 25 that it has entered into a definitive agreement with General Atomics to sell the Company’s Miltec Corporation subsidiary for $14.6 million in cash, subject to post-closing adjustments.
Miltec provides engineering, technical and program management services principally to the U.S. Department of Defense and U.S. intelligence agencies for advanced weapons systems and military defense systems. The business had sales of approximately $28.2 million in 2015. The completion of the transaction is subject to customary closing conditions. KippsDeSanto & Co. acted as financial advisor to Ducommun.
“With the sale of Miltec, we are taking another proactive step in focusing our energy, attention and resources on the strategic areas that are core to Ducommun’s growth and financial performance going forward,” said Anthony Reardon, chairman and chief executive officer. “We believe that our current portfolio is now better positioned to support our vision to provide unique, value-added solutions and technologies to the aerospace, defense and related end markets.”
Source: Ducommun Incorporated