Signal Technology Acquires LogiMetrics' High Power Amplifier Unit
DANVERS, Mass.--(BUSINESS WIRE)--Nov. 30, 2000--Signal Technology Corporation ("Signal") (Nasdaq: STCO), a leading provider of electronics products for wireless communications in the commercial, defense and space markets announced today that it has acquired the high power amplifier unit of LogiMetrics, Inc. ("LogiMetrics") (OTC: LGMTA), based in Hauppauge, New York.
Since March 2000, Signal has been managing, operating and paying all expenses relating to, and retaining all revenues generated by, LogiMetrics' high-power amplifier business. Revenues generated from this operation, which is now located at Signal's Keltec Division in Florida, are expected to be between $2 million and $3 million on an annualized basis. LogiMetrics has paid Signal $2.1 million to offset certain costs incurred by Signal during the course of its management of the business and certain known liabilities of this business and LogiMetrics has further agreed to retain other specific liabilities. This operation manufactures a well-respected line of medium and high power amplifiers as well as traveling wave tube (TWT) amplifiers.
"We are pleased to be adding the LogiMetrics line of power amplifiers to Signal's selection of amplifier and transmitter products," said Chairman and Chief Executive Officer George Lombard. "With this acquisition, we add a strong line of commercial amplifiers capable of meeting our customers' high-power and high-frequency needs."
"LogiMetrics power amplifiers are very well regarded in the field, and we intend to further develop this product line and provide enhanced support to existing customers and users," stated Keltec Division President John Cotumaccio. "This important acquisition should enable us to continue to gain share in the growing market for low- and high-voltage power supplies, amplifiers, and transmitters."
Signal's Keltec Division, based in Fort Walton Beach, Florida, designs and manufactures a wide variety of power management components, including low- and high-voltage power supplies, amplifiers, transmitters and power converters for use in wireless communications infrastructure applications in the commercial and defense markets. |
