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Article: Torrance's Hi-Shear acquired by British firm in $132M deal
- Article from:
- Daily Breeze
- Article date:
- September 16, 2009
- Author:
CopyrightCopyright 2009 Daily Breeze. Provided by ProQuest LLC. (Hide copyright information)
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Hi-Shear Technology Corp., the Torrance maker of pyrotechnic,
mechanical and electronic products for the aerospace and defense
industry, said Wednesday that it agreed to be purchased by a British
firm.
Chemring Group PLC, which builds products for the defense
industry including decoy countermeasures to avoid enemy attack,
agreed to pay about $132 million in cash for Hi-Shear.
Pending approval from regulators and Hi-Shear's shareholders, the
deal is expected to close in the fourth quarter.
"This combination of two well-known and respected companies
worldwide will provide enhanced and increased capabilities and
resources to better serve our loyal customers," George Trahan, Hi-
Shear's chairman ...