Rockwell Collins Inc. (NYSE: COL) has agreed to acquire Athena Technologies Inc., a Warrenton, Va.-based maker of flight control and navigation systems for the unmanned aerial vehicle market. No financial terms were disclosed. Athena Technologies has raised around $5 million in VC funding from firms like Global Environment Fund and BEI Technologies.
PRESS RELEASE
Rockwell Collins, Inc. (NYSE: COL) today announced its intent to acquire Athena Technologies, Inc., a privately held company that develops and provides flight control and navigation solutions primarily to the Unmanned Aerial Vehicle (UAV) market segment. Terms of the agreement were not disclosed.
“Athena Technologies' proven track record in creating leading navigation and control solutions for UAVs, combined with our existing capabilities, provides Rockwell Collins with exciting, new growth opportunities,” said Rockwell Collins Chairman, President and CEO Clay Jones. “We look forward to integrating our combined capabilities to bring new control solutions to both military and commercial market segments.”
David Vos, Athena Technologies' founder and CEO, said, “This new relationship with Rockwell Collins provides an exciting and enabling platform to leverage Athena's successful navigation and controls systems to play a leading role in the future convergence of manned and unmanned aviation. It is a tremendous honor to join the Rockwell Collins team and continue to pioneer future aviation solutions and technology.”
The transaction is expected to be completed in about 30 days and is subject to regulatory approvals. The acquisition is expected to be neutral to Rockwell Collins' fiscal year 2008 earnings.
Athena Technologies is a premier developer and producer of navigation and control systems. Founded in 1998, the company produces the GuideStar
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