WAYNE, N.J.-GEC-Marconi Systems has agreed to acquire Hazeltine Corp. from ESCO Electronics Corp., subject to government approval.
Hazeltine makes intelligent base station antennas for the cellular, specialized mobile radio, enhanced SMR and personal communications services markets. The company is a long-time defense contractor manufacturing airborne displays, acoustic countermeasures and military and commercial communications.
GEC-Marconi is a subsidiary of the United Kingdom-based General Electric Company plc. It makes C3I systems, communications equipment, guidance and navigation systems as well as airborne and ground-based avionics software.
“This new relationship will facilitate growth opportunities for the benefit of both companies,” according to Mark Ronald, president and chief executive officer of GEC-Marconi Systems.
Hazeltine reported sales of about $114 million for fiscal 1995 and $55 million for the first six months of fiscal 1996.
ESCO said Marconi will pay $110 million in cash for Hazeltine. The company expects the deal to close by the end of August.
