DeWITT — Saab AB, the parent company of Saab Sensis Corp., plans to add to its capabilities in air traffic management with another acquisition.
Saab bought DeWitt–based Sensis last year for $150 million. The firm, a defense and security based in Sweden, announced plans Thursday to acquire HITT N.V. of the Netherlands.
In addition to air traffic management, HITT’s main businesses are in vessel traffic and port management and hydrographic software systems, according to an email from Saab Sensis President and CEO Marc Viggiano.
(Sponsored)
Recent Court Decision Supports Requiring Employees to Be In the Workplace
A recent Federal Court decision confirmed that the Family Medical Leave Act (FMLA) does not require employers to allow employees to work remotely. In Kemp v. Regeneron Pharmaceuticals, Inc.,
Finding the Right Business Banking Partner: 4 Considerations to Support your Search
In today’s increasingly dynamic and competitive business environment, finding the right banking partner to meet the needs of your business is critical to your success. Banks are not one-size-fits-all and
HITT’s customers include ports and maritime administrations in Europe, North America, Asia and Australia and airports and air navigation service providers in Europe and Asia, the email said. The company develops technology to improve safety and security at airports and in maritime environments.
Saab plans to make an all-cash public offer for HITT of 6.60 euros per share. The deal values HITT at 29.7 million euros, according to Saab.
HITT employs 188 people. Along with some other conditions, Saab’s offer for HITT must be accepted by at least 75 percent of shareholders, according to Viggiano’s email.
If they offer is successful, the acquisition will close in October.
“Saab Sensis looks forward to continuing to work with our business partners and customers with the stronger portfolio that this acquisition, should it be successful, will deliver to Saab,” Viggiano said in the email.
Sensis employs about 600 people at eight locations and serves more than 60 customers in 35 countries. It has about 500 employees in Central New York. The company provides sensor technologies, radar systems, modeling, and simulation for defense, civil aviation, airport, and airline customers.
Contact Tampone at ktampone@cnybj.com
