Monday, defense contractor Raytheon Company (RTN) said it has completed its acquisition of BBN Technologies, a provider of high tech defense products.
The Waltham, Massachusetts headquartered Raytheon said the purchase price is about $350 million, subject to post-closing adjustments.
Raytheon said the acquisition will not materially impact its sales or earnings per share for the fourth quarter of 2009 and is expected to be accretive in 2010.
BBN's defense portfolio includes advanced networking, speech and language technologies, information technologies, sensor systems, and cybersecurity.
Early September Raytheon signed a deal to acquire privately held BBN Technologies.
"BBN has tremendous technological capabilities, and we see immediate opportunities for applying its technologies to enhance our products," said Colin Schottlaender, president, Raytheon Network Centric Systems. "The depth of scientific and engineering talent inside BBN is very impressive, and we look forward to better serving our customers through the strengths of our combined organizations."
Raytheon said BBN will become part of Network Centric Systems and operate as Raytheon BBN Technologies.
For the third-quarter of fiscal 2009, Raytheon reported net income $498 million, up from prior year's $437 million. On a per share basis, quarterly earnings climbed to $1.25 from $1.00 last year. Net sales increased 6% to $6.21 billion from $5.86 billion last year.
Raytheon reported sales of $23.2 billion for 2008.
RTN declined $0.42 or 0.90% and closed Monday's regular trading at $46.01.
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