Chemring set to complete business negotiations with Siemens
Defence firm will buy Roke Manor Research for £55m
British defence firm Chemring is set to complete business
negotiations with Siemen's Holdings.
The UK company has agreed to purchase engineering company Roke
Manor Research for £55 million as it looks to expand its operations
in electronics, software and systems engineering.
David Price, chief executive of Chemring, said: "The acquisition
of Roke will substantially enhance our existing technologies in a
number of our key market sectors and will provide a growing number
of products and technologies that will allow the group to enter
adjacent attractive, high growth markets."
Hampshire-based Roke employs around 400 engineers to research
and develop a range of technologies, including radar and mobile
communications.
The firm also produces a range of products used in electronic
warfare such as the counter improvised explosive devices which have
been used in Afghanistan.
Roke's revenue for the eight months until the end of May this
year was £28 million - an increase of £1.1 million compared to the
same period in 2009.