By The Associated Press
Published: 29 June 2011
STOCKHOLM — Swedish aerospace and defense company Saab AB says it has signed a deal to buy the American company Sensis Corp. for around $155 million.
Saab says Sensis provides air traffic management solutions and surveillance technology and will help it increase its presence in North America.
Saab said Wednesday it will pay $155 million upfront and up to $40 million more by 2014 if Sensis meets certain conditions.
Sensis is based in East Syracuse, New York, has around 600 employees and is expected to make a revenue of around $130 million in the fiscal year, ending June 2011.
The acquisition requires the approval of U.S. competition authorities.
Defense group Saab, based in the city Linkoping, split from the automobile division with the same name in 2000.