ANGLETON, Texas, Oct. 22 (UPI)– Standard Electronic devices announced it will obtain Secure Communication Systems, Inc. for $230 million.
Benchmark Electronics is a technology and interactions producer and solutions company for aerospace and defense industries. Protect Communication Systems, Inc. and its subsidiaries are jointly referred to as Secure Technology, a leading engineering items service provider. Benchmark President and Chief Executive Officer Gayla Delly says the acquisition will enable her company to supply customers with a larger profile of itemsservices and products.
We are really thrilled about the strategic acquisition of Secure Technology and look forward to providing our clients an expanded portfolio of extremely engineered solutions and improving value creation for our shareholders, Delly said. Together with the Secure team, we will have brand-new opportunities with clients in our industrial markets, which consist of the aerospace and defense sectors.
Secure Innovation CEO Allen Ronk concurred in his statement, stating the deal will benefit both celebrations.
This financially appealing acquisition surpasses our targeted return limits and lines up well with our disciplined capital appropriation framework, while placing Benchmark to drive higher value for our investors, he stated.
The purchase is expected to go through by the end of fiscal 2015, pending regulatory approval.