WPI Group acquires product line from LucasVarity
MANCHESTER, N.H.,, Aug 4 (Reuters) - WPI Group Inc <WPIC.O> said Tuesday it had acquired for about $3 million in cash the Lucas Schaevitz inertial sensor product line from the Lucas Control Systems Division of LucasVarity Plc <LVA.L>.
WPI said the transaction, which will close by August 10, primarily involves sensor accelerometers used to measure acceleration and angle of elevation in a wide variety of products used in helicopters, spacecraft, ships and mass transit vehicles.
WPI said it expects its acquisition from the Anglo-American car parts maker be accretive to its per-share earnings in the 1999 fiscal year which begins in October 1998.
"Access to the Lucas Schaevitz customer base, particularly in the aerospace industry, will open market opportunities for other WTI products," WTI Group chief executive Michael Foster said in a statement.
16:56 08-04-98
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