Richmond, BC - MacDonald, Dettwiler and Associates Ltd. ("MDA" or the "Company") (TSX: MDA), a global communications and information company, today announced that it has closed the acquisition of Advanced Systems, a line of business from General Dynamics Advanced Information Systems, Inc., announced in July 2014. This business will become part of MDA Information Systems LLC.
Located near Detroit, Michigan, the Advanced Systems business has approximately 170 employees and generates annual revenues of approximately US$40 million. The business has over 50 years of in-depth experience in development and application of radar and other information sensors for the U.S. Government. This unique capability is expected to strengthen the Company’s ability to pursue future opportunities in the U.S. market.
MDA is a global communications and information company providing operational solutions to commercial and government organizations worldwide.
MDA's business is focused on markets and customers with strong repeat business potential, primarily in the Communications sector and the Surveillance and Intelligence sector. In addition, the Company conducts a significant amount of advanced technology development.
MDA's established global customer base is served by more than 4,800 employees operating from 11 locations in the United States, Canada, and internationally.
The Company's common shares trade on the Toronto Stock Exchange under the symbol "MDA."
This press release contains certain forward-looking statements and information which reflect the current view of MacDonald, Dettwiler and Associates Ltd. (the “Company” or “MDA”) with respect to future events and financial performance. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may”, “will”, “would”, “could”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe” or “continue”, or the negatives of such terms or variations of them or similar terminology. The forward-looking statements in this press release are based on MDA’s current expectations, estimates, projections and assumptions made in light of its experience and perception of historical trends. Forward-looking statements are subject to risks and uncertainties, many of which are beyond MDA’s control and the effects of which can be difficult to predict. MDA’s actual results of operations could differ materially from historical results or current expectations.
With regard to MDA’s acquisition of the Advanced Systems business from General Dynamics Advanced Information Systems Inc., there can be no assurance that MDA will realize the anticipated benefits or results due to a variety of factors, including: the ability to promptly and effectively integrate the businesses of MDA and that of the acquired business; higher than anticipated integration costs; diversion of management time on acquisition-related issues; and failure to obtain the novation of certain government contracts. The anticipated benefits from the acquisition, such as it being accretive to earnings, expanding the Company’s presence and new opportunities for growth, may not be realized in the time frame anticipated or at all as a result of several factors including changes in general economic and market conditions, customer demand for products and services, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which the acquired business operates.
You are referred to the risk factors described in MDA’s most recent annual Management’s Discussion and Analysis, Annual Information Form and other documents on file with the Canadian securities regulatory authorities, available on SEDAR, www.sedar.com or www.mdacorporation.com. All such factors should be considered carefully, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements, when making decisions with respect to MDA. The forward-looking statements and information contained in this press release represent MDA’s views only as of today’s date. All such statements are made pursuant to the “safe harbour” provisions of applicable Canadian and U.S. securities laws. MDA disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law, rule or regulation. You should not place undue reliance on forward-looking statements.
The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.