Argon ST flat on acquisition news
Shares of Argon ST, Inc. (Nasdaq: STST) are flat following news before the start of trading that the maker of reconnaissance systems and sensors has bought defense electronics manufacturer Coherent Systems International Corp. for $20 million in cash and debt assumption.
“CSI has a talented and proven staff especially strong on innovative and imaginative solutions to some of the most difficult challenges faced by our troops in harms way,” said Terry Collins, Argon’s CEO and president.
Fairfax, Va.-based Argon could get as much as $17.5 million by Dec. 31, 2008 if CSI meets certain financial criteria.
CSI had sales of approximately $29 million for the last 12 months, while Argon reported revenues of $258.8 million in 2006.
Shares were down $0.13, or 1%, to $15.49, at 3:33 p.m. ET.
