Posted on 23.11.2009 - 11:00 EST in ACQUISITION/MERGER NEWS by Rons_ROV_Links
Atlas Elektronik UK announces the completion of its acquisition of the Underwater Systems business of QinetiQ Group
Atlas Elektronik UK ("Atlas") is delighted to announce that the acquisition of the Underwater Systems ("UWS") business of the QinetiQ Group, first announced on 14 May, was completed today following approval from the UK Department for Business, Innovation and Skills.
The UWS Winfrith site in Dorset, home to a 220 strong highly skilled work force, will be part of Atlas Elektronik UK and its parent company, Atlas Group, together with the Atlas Elektronik UK site at Newport, South Wales. The site will be represented on the five strong board of Atlas UK by Antoni Mazur, Managing Director of Atlas UK Winfrith, alongside Bob Waters, Managing Director of Atlas Elektronik UK Newport, Claire Evans, CFO for Atlas UK and Andy Anderson, CTO of Atlas UK and Atlas Group. Also joining the Board as non executive Chairman will be Rear Admiral Nigel Guild, who has held a number of key positions in the Royal Navy and Ministry of Defence, including Controller of the Navy and Chief Naval Engineer Officer.
The acquisition of UWS broadens Atlas' offering of products and solutions to its UK and international customers, including the Ministry of Defence, and strengthens Atlas Elektronik UK's position in the defence and security market.
Nigel Guild, Non Executive Chairman of Atlas UK commented: "I am delighted to be joining Atlas at this exciting time in the development of the Company. The completion today of the UWS acquisition marks an important step in Atlas' long term programme of investment and growth in the UK. I look forward to working with my colleagues at both Newport and Winfrith to ensure that the technology capability and highly qualified work force at UWS flourish, as Atlas continues to grow as a supplier of cutting edge maritime technology for customers in the UK and beyond."