Saab, a defense & security company has accomplished the acquisition of Sensis, a US company. This would pave the way for the development of a robust base for further advancement in the North American region.
The US Trade Commission has already reviewed the transaction on the basis of the antitrust laws and so has the Committee on Foreign Investment in the US (CFIUS). The new company is now renamed as Saab Sensis and would function in the US as a subsidiary company of the Saab group.
According to Hakan Bushka, who is the CEO and President of Saab, this acquisition would not only help them to concentrate on a few chosen markets but also help them to further their core business. He also added that the company’s on hand portfolio would be enhanced and their range of products in computing, control, command, communication and intelligence (C4I) would be enriched and lead to gaining a better share in the US defense market. Since the company has a strong presence in the US with regards to sensors and radars and a prominent place in air-traffic management solutions, they complement SAAB’s product portfolio.
Saab Sensis serves over 60 customers globally with its 600 strong workforce. Of the 100 largest airports in the world, 54 of them are its customers. Saab plans on using existing cash reserves for financing the acquisition.
Source: http://www.saabgroup.com