San Diego, CA (March 8, 2017) – Daylight Solutions, Inc. (Daylight), a world leader in mid-infrared lasers and systems based on its proprietary quantum cascade laser (QCL) technologies, along with Leonardo S.p.A, through its U.S. subsidiary Leonardo DRS, announced today that they have signed a definitive acquisition agreement in which Leonardo DRS will pay $150 million USD to obtain 100% of the equity of Daylight Solutions.
Under the terms of the agreement, 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 constructed 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 novation.
Bill Lynn, Chief Executive Officer of Leonardo DRS said, “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.”
“Daylight has established itself as a market leader in Scientific Lasers, Infrared Microscopy, and Lasers for Aircraft Survivability utilizing QCL technology,” added Dr. Timothy Day, Chairman and CEO of Daylight Solutions. “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.”
The three co-founders of Daylight Solutions, Dr. Timothy Day, Paul Larson and Sam Crivello will remain with the company.
The acquisition is subject to a number of closing conditions, including approval of the stockholders of Daylight Solutions and the receipt of regulatory approvals, including review by U.S. antitrust authorities and the Committee on Foreign Investment in the Unites States.
Daylight Solutions develops molecular detection, imaging and illumination systems for use in scientific research, life sciences, industrial process control, and defense applications. The company is the world leader in mid-infrared laser based solutions, with a line of broadly tunable and fixed wavelength laser sources and sensors that utilize mid-infrared spectroscopy.
DRS Technologies is a leading technology innovator and supplier of integrated products, services and support to military forces, intelligence agencies and prime contractors worldwide. The company 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. Additionally, DRS builds power systems and electro-optical/infrared systems for a wide range of commercial customers. Headquartered in Arlington, Virginia, DRS is a wholly owned subsidiary of Leonardo-Finmeccanica S.p.A., which employs more than 47,000 people worldwide. See the full range of capabilities at www.drs.com and on Twitter @drstechnologies.
The statements contained in this news release are not purely historical and contain forward looking information and statements. These include statements regarding the Company’s expectations, intentions, or strategies regarding future matters. All forward-looking statements included in this press release are based on information available to the Company on the date released.