BAE Systems completes acquisition of Manchester firm
Global defense contractor BAE Systems has made official its previously announced acquisition of Oasys Technology, a Manchester-based manufacturer of electro-optical systems and subsystems.
BAE will pay $25 million in cash, with another $30 million in potential payouts if Oasys meets performance goals.
According to a statement by BAE officials, Oasys provides specific capabilities that augment the operations of BAE’s Electronic Solutions division headquartered in Nashua.
The deal, announced Sept. 7, is part of BAE’s strategy to address anticipated growth in the military electronics market and other industries.
"Oasys Technology offers specialized capabilities that will enhance our ability to serve our customers and provide war fighters with greater capability to execute their missions safely," said Tom Arseneault, president of BAE Systems operations at Nashua. "This acquisition strengthens our ability to compete in the night vision sector and provide a broader range of low size/weight/power/cost soldier-borne imaging systems."
Oasys employs approximately 65 people at its 40,000-square-foot plant in Manchester, and is expected to continue operations there. – CINDY KIBBE/NEW HAMPSHIRE BUSINESS REVIEW