BAE Systems Announces Agreement to Acquire Fairchild Imaging, Inc.
BAE Systems today announced that it has entered into a definitive agreement to acquire Fairchild Imaging, Inc., a privately held company specializing in solid-state electronic imaging components, cameras, and systems for aerospace, industrial, medical, and scientific imaging applications. BAE Systems currently owns 8.7% of the equity of Fairchild Imaging and, upon completion of the acquisition for a cash consideration of approximately $86 million, will have acquired all of the remaining outstanding equity.
The proposed acquisition of Fairchild Imaging is consistent with BAE Systems' strategy to grow its electronic systems business and will complement existing electro-imaging capabilities, technologies, and product offerings.
"The addition of Fairchild Imaging's advanced electronic imagery technology will support enhanced night vision capability for both airborne and land forces applications. It also progresses BAE Systems' focus on providing our customers with higher quality image solutions with lower size, weight, and power characteristics, helping soldiers to complete their missions more safely and effectively," said Linda Hudson, president and CEO of BAE Systems, Inc.
Fairchild Imaging president Charles Arduini stated, "We look forward to becoming part of BAE Systems to further enable Fairchild Imaging to deliver our low-light scientific CMOS (sCMOS) imaging technology for the benefit of the soldier. The simultaneous low-light, wide dynamic range, high definition video of sCMOS will provide U.S. and NATO forces with the ability to see better than the enemy - in both day and night conditions."
Fairchild Imaging employs approximately 150 people at its facility in Milpitas, California, and upon successful closing of the acquisition, will become part of BAE Systems' Electronic Solutions sector, headquartered in Nashua, New Hampshire.
The proposed acquisition of Fairchild Imaging follows BAE Systems' acquisition of OASYS Technology in 2010. OASYS Technology specializes in the design and manufacture of electro-optical systems and subassemblies for aerospace, defense, industrial and commercial markets.
The acquisition is conditional, among other things, upon receiving certain regulatory approvals and is expected to close in the first half of 2011.