LANCASTER, Pa., March 29 -- Herley Industries, Inc.(Nasdaq: HRLY) announced that it has acquired the assets of Communication Techniques, Inc. for $15 million, in an all cash transaction. Herley will also assume certain of the Company's liabilities. CTI is located in Whippany, New Jersey.
Lee N. Blatt, Herley's Chairman, stated, "The acquisition of CTI is a very strategic fit for Herley. Our division in Israel is a world-class leader in digitally tuned oscillators. CTI has the same worldwide reputation for phase locked sources with low phase noise. Recently, CTI has developed and marketed fast frequency changing direct synthesizers. We believe that combining CTI and Herley-Israel puts Herley at the forefront of producers of broadband microwave sources for radar, communication, electronic warfare systems, and microwave test systems."
Mr. Blatt continued, "We have been considering projects to develop fast switching direct synthesizers for the past few years. The opportunity to acquire CTI from Dover gets us to the marketplace immediately, with a proven product line. Herley's EWST simulator division is a customer for microwave signal source, as is our Lancaster division. In addition, we believe that we can market CTI's product line to our existing customer base. We are very pleased to welcome CTI to Herley's family of microwave technology companies."
John Kelley, Herley's President, stated, "Consistent with our acquisition strategy, the CTI acquisition is accretive, complementary to our existing customer base, expands our technical engineering team, complements our core technology and will enable us to leverage our combined capabilities into new markets. The subsidiary will continue to be located in Whippany and will do business as "Herley-CTI, Inc."
Herley Industries, Inc.(NASDAQ-NMS:HRLY) is a leader in the design, development and manufacture of microwave technology solutions for the defense, aerospace and medical industries worldwide. Based in Lancaster, PA, Herley has five locations and approximately 700 employees worldwide. Additional information about the company can be found on the Internet at www.herley.com.
Dover Corporation (NYSE:DOV) is a diversified industrial manufacturer with over $4 billion in annual revenues and is comprised of over 50 operating companies that manufacture specialized industrial products and manufacturing equipment. Additional information about Dover Corporation(NYSE:DOV) can be found on the Internet at www.dovercorporation.com.
For information at Herley contact: Tel: (717) 735-8117
Peg Guzzetti www.herley.com
Safe Harbor Statement - Except for the historical information contained herein, this release may contain forward-looking statements. Such statements are inherently subject to risks and uncertainties. The Company's results could differ materially based on various factors, including, but not limited to cancellation or deferral of customer orders, difficulties in the timely development of new products, difficulties in manufacturing, increased competitive pressures, and general economic conditions.