13 March 2017
Daylight Solutions to be acquired by Leonardo DRS for $150m
Daylight Solutions Inc of San Diego, CA, USA - which makes molecular detection, imaging and illumination systems based on mid-infrared quantum cascade lasers (QCLs) for scientific research, life science, industrial process control and defense applications – has signed a definitive agreement for its acquisition for $150m by Leonardo DRS of Arlington, VA (the US subsidiary of Italy’s Leonardo S.p.A., formerly Leonardo-Finmeccanica S.p.A.).
Leonardo DRS (formerly DRS Technologies Inc) is a supplier of integrated products, services and support to military forces, intelligence agencies, and prime contractors worldwide. The firm specializes in naval and maritime systems, ground combat mission command and network computing, global satellite communications and network infrastructure, aviation support and avionics systems, and intelligence and security solutions. DRS also builds power systems and electro-optical/infrared systems for commercial customers.
Daylight will operate as one of eight Leonardo DRS lines of business, and will maintain its current management and location in San Diego. The transaction has been devised to be essentially transparent to Daylight’s current customers and supply chain partners. All of Daylight’s current contracts will continue to be executed without change.
“With this acquisition, Leonardo DRS reinforces its commitment to remain at the forefront of infrared technology to not only protect our men and women in uniform but also to perform critical tasks across a range of industries, including medical and industrial applications,” says Leonardo DRS’ CEO Bill Lynn.
“Daylight has established itself as a market leader in scientific lasers, infrared microscopy and lasers for aircraft survivability utilizing QCL technology,” says Daylight Solutions’ chairman & CEO Dr Timothy Day. “Together with the added strength of the people and resources of Leonardo DRS, the mission of Daylight Solutions ‘To Protect with Light’ will be more fully realized and will enhance our proven ability to transition new technologies into commercial products for a wide range of industries.”
All three co-founders, Timothy Day, Paul Larson and Sam Crivello, will remain with Leonardo DRS. The acquisition is subject to a number of closing conditions, including the receipt of regulatory approvals, review by US anti-trust authorities, and by the Committee on Foreign Investment in the United States (CFIUS).