New York-based Edo Corp., which has its Edo Electro-Ceramic Products and Edo Fiber Science business segments based in Salt Lake City, said Monday it has acquired all of the outstanding stock of the Emblem Group Ltd., a privately held company based in the United Kingdom.
The company was acquired debt-free for $25.6 million.
Emblem, which had revenues last year of $25.2 million, supplies niche aerospace and defense products and services, primarily through its MBM Technology unit in the United Kingdom and Artisan Technologies in the United States.
Emblem was formed in 2000 through a management buyout from Morgan Crucible Plc. backed by LDC, the private equity arm of Lloyds TSB.
MBM Technology will be renamed EDO MBM TEchnology Ltd. Artisan will become a part of EDO MTech. Emblem's non-defense operation Aerotech IFE, which provides components for commercial airline entertainment systems, will operate as EDO Aerotech Ltd.
Edo said the acquisition will cause it to increase its 2003 revenue estimate to between $460 million and $470 million.
Edo provides military products and professional services to the United States and allied governments and their prime defense contractors. The company has more than 2,800 employees.