Raytheon buys E-Systems
Raytheon Co. yesterday agreed to buy E-Systems Inc. for $2.3 billion, creating a $12 billion company and hastening the consolidation in the defense industry.
Raytheon's purchase price for E-Systems was $64 a share, 41 percent over its closing price of $45.375 Friday. E-Systems shares gained $18.625 yesterday on the New York Stock Exchange, to close at $64. Raytheon was down $1.125, at $71.75.
Dallas-based E-Systems makes electronic systems for commercial and defense applications.
Black & Decker sues
Black & Decker Corp., the Towson-based power tool and appliance manufacturer, filed suit yesterday in U.S. district courts in Baltimore and Los Angeles against companies it charges are copying its popular SnakeLight flexible flashlight.
The suits, which seek injunctive relief, seizures and damages, were brought against Hong Kong manufacturers and their principal, Larry Paul Sloven; International Sales and Marketing and its principals, John J. Castner and Peter R. Dean; H&W; Sales; and Innovative Sales and Marketing.
GM's March sales dipped 9%
General Motors Corp.'s U.S. vehicle sales fell 9 percent in March as the automaker reported weaker-than-expected pickup truck sales.
GM's total car sales slumped 12 percent, to 262,050, in March from 299,768 in the year-ago month. While that was a bit better than expected by some analysts, GM's Cadillac division posted a 26 percent drop in sales, while sales at its Buick and Oldsmobile divisions fell 22 percent.
GM's truck sales totaled 180,777, down 3.5 percent from 187,294 a year ago and about 20,000 units fewer than expected by some analysts.
Robotic wins Army order
Robotic Systems Technology in Westminster has received a $58 million contract -- the largest in the 4-year-old company's history -- to produce 379 smoke generators for the Army.
Scott Myers, president of Robotic, said the contract will necessitate the hiring of about a dozen engineers and support personnel. The company currently has 125 employees.
AAI gets Northrop contract
AAI Corp. has received a $2.8 million contract from Northrop Grumman Corp. for the development of a radar test set for the Air Force's B-2 bomber.
The electronic equipment will be used to test the bomber's position location transponders. The transponders are used in aircraft identification and navigation. The work will be performed at the company's Cockeysville plant.