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OSI Systems to acquire American Science and Engineering
OSI Systems has signed a definitive agreement to acquire American Science and Engineering (AS&E), a provider of detection solutions for advanced cargo, parcel, and personnel inspection, for USD 187 million.
The transaction has been unanimously approved by the OSI Systems and AS&E Boards of Directors. The closing of the transaction, anticipated during OSI Systems' fiscal second quarter ending December 31, 2016. Deepak Chopra, OSI Systems' Chairman and Chief Executive Officer, said, "The acquisition of AS&E will be the most significant security acquisition in our Company's history and we believe represents an excellent strategic fit consistent with our expansion strategy. AS&E's backscatter X-ray technology has long been a leader within the security industry, and its cutting-edge products, extensive service network, and premier customer base are highly complementary to our current operations. We look forward to welcoming AS&E's talented team to OSI Systems." "We are very pleased to join OSI Systems," said Chuck Dougherty, President and Chief Executive Officer of AS&E. "The capabilities of our respective organizations are extremely well-matched. We expect our customers and employees to benefit substantially from the combination of our technology-driven businesses."