Spanish IT company Indra has bought air traffic management systems company Park Air Systems Norway for €42 million ($55.6 million).
Park Air Systems Norway’s global consolidation into Indra, expected this month, increases Indra’s 2012 revenues growth target from 6.5%-7.5% to 8%-9%, with all other targets remaining unchanged.
This deal enhances Indra’s portfolio of ATM systems, complements the range of solutions offered by Park Air Systems Norway, and creates opportunities for both companies to realize significant synergies, according to the company.
Last year, Park Air Systems Norway achieved revenue of €53 million, and Indra expects its integration with Indra will enable the Norwegian company to boost revenue by at least double digits and achieve double-digit profitability.
Following the acquisition, the Norwegian company will be renamed Indra Navia, marking a return to the Navia Aviation name under which it was originally founded. Indra Navia will operate as an independent Indra subsidiary.
Park Air Systems Norway has a total workforce of 174 spread across its Oslo and Horten facilities and sales offices in France, China, Malaysia and the United Arab Emirates. All the company’s current programs will continue unchanged, and Indra said that customers, suppliers and employees would be unaffected by the change in ownership.
The acquisition is part of a series of purchases made by Indra to enhance its position in the air traffic and airport management systems market. In 2007, it bought the Australian radio navigation aids company Interscan; and in 2008 and 2009, it bought the German companies, AC-B and Avitech, respectively, bolstering its position in the aeronautical communications market.
Article Source : ATW Daily News
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