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Foster-Miller, Inc. announced today that QinetiQ, Inc. has finalized its acquisition of the company. QinetiQ, Europe's largest science and technology solutions company, received final U.S. regulatory approval for the deal that was first announced on September 8, 2004. Foster-Miller will remain an American company, retaining its name and management team, and operate as a subsidiary of QinetiQ, North America.
Foster-Miller expects that the support from new ownership will lead to rapid growth and a 15 percent increase in employment over the next year. Foster-Miller has had a compounded growth rate of approximately 30 percent per year over the last four years. The company’s growth has been primarily driven by their product-development work in the commercial and defense markets.
According to Dr. William Ribich, CEO and President of Foster-Miller, “This will allow continued expansion and growth in the U.S., U.K. and around the globe. We will continue to be creative, flexible and responsive in providing solutions that will increase the competitive advantage of our customers.”
The acquisition of Foster-Miller will position QinetiQ as a leader in providing advanced technology solutions and is a key to accelerating QinetiQ’s entrance into the U.S. defense and security markets. Through their acquisition and growth strategy, QinetiQ expects its U.S.-based business to exceed $1 billion within five years.
“Foster-Miller is a recognized leader in providing innovative engineering solutions in fields such as robotics, advanced materials technology and medical devices,” comments Dr. David Anderson, President of QinetiQ, North America. “The acquisition of Foster-Miller is central to achieving QinetiQ’s goal of significantly growing business in the U.S.”
QinetiQ (pronounced ki’ ne tik) is Europe’s largest science and technology solutions company, with revenue of $1.5 billion in FY04. It employs over 9,000 staff, including many of the U.K.'s leading scientists and internationally acclaimed experts. Founded from the laboratories of the U.K. Ministry of Defence (MOD), today QinetiQ operates in markets as diverse as marine, energy, telecommunications, automotive, rail, electronics, defense, space, health, oil and gas, aerospace and information technology. Visit www.QinetiQ.com for further information.
Foster-Miller, Inc. is an engineering, development and manufacturing company located in Waltham, M.A., with additional offices in Albany, N.Y. and Washington, D.C. The firm was founded almost 50 years ago by three graduates of MIT who believed there was a need for a company that could solve clients’ difficult technical problems through first-class analysis and design. The company maintains a staff of more than 350 mechanical, electrical, thermal, chemical, nuclear, aerospace, software and materials engineers as well as metallurgists, physicists, mathematicians, chemists, biologists and support staff working in the areas of transportation, robotics, advanced materials, custom machinery, power systems, biotechnology and aerospace.
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