LONDON In its first US acquisition, QinetiQ is to buy Foster Miller, a Boston-based engineering and technology development company for £91.8million ($163million).
Foster-Miller had revenues of around £67.6million ($120million) and EBITDA of £12.9million ($22million) in FY2003/4, and has seen compound growth of around 30per cent per annum over the last four years. It will retain its name and will operate as a subsidiary of QinetiQ North America. It provides a range of specialised services to the military and industry. Its TALON robots have conducted over 10,000 bomb disposal missions in Iraq to date, and it is the world's largest supplier of add-on armour for military transport aircraft. The company also works with pharmaceutical company, Pfizer, providing automation based on its robotics technology.
Dr David Anderson, President and CEO of QinetiQ's US subsidiary, said, “Foster-Miller is a remarkable fit with QinetiQ, both technologically and culturally. A recognised leader in providing innovative engineering solutions in fields such as robotics, advanced materials technology and medical devices, its complementary R&D work and broad range of customers will undoubtedly accelerate QinetiQ's expansion into the world's largest market for advanced technologies.”
The deal will enable Foster-Miller to introduce QinetiQ's technologies into US markets. QinetiQ has complementary expertise in robotics, the development of specialist equipment for military aircrew and super-strength nets QinetiQ's X-Net and Foster-Miller's BoatTrap bring motor vehicles and boats respectively to a standstill while minimising the risk to onlookers and security personnel.
QinetiQ was floated off from the UK Ministry of Defence (MOD) and is Europe's largest science and technology solutions company, with a turnover of £795.4million ($1.41bn) in 2003/4. It has carried out research and development of many household technologies such as liquid crystal displays (LCDs), carbon fibre, the technology for flat panel speakers, infra-red sensors and microwave radar, a life saving foetal heart monitoring system, plus other significant advancements in the areas of defence, security, transport and healthcare.