Micro Systems Expands Herley's Command and Control Capabilities
LANCASTER, Pa., Dec. 9 /PRNewswire-FirstCall/ -- Herley Industries, Inc. (Nasdaq: HRLY) announced today that it has reached an agreement in principle to acquire Micro Systems, Inc., Ft. Walton Beach, FL. The acquisition, which is subject to the execution of a formal written agreement and certain closing conditions, is expected to close in approximately thirty days.
Micro Systems is a market leader in engineering, design and manufacturing of systems and a provider of services for the command & control, operation and tracking of unmanned aerial, seaborne and ground targets and missiles.
John M. Kelley, President, stated, "Micro Systems is an excellent company and we are very pleased that they will be joining Herley. This acquisition is truly complementary and is an excellent example of the sum being greater than the parts. Together we will be able to offer our domestic and international customers an expanded line of products and an unparalleled level of customer service."
Kelley continued, "We will move expeditiously to complete this transaction and look forward to spending time with our customers to discuss how we expect this acquisition to be of benefit to them."
Herley Industries, Inc. 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 seven manufacturing locations and approximately 830 employees. Additional information about the company can be found on the Internet at http://www.herley.com.
For information at Herley contact: Tel: (717) 735-8117
Peg Guzzetti, Investor Relations http://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.