© vladek dreamstime.com Electronics Production | September 20, 2016
Drone USA completes acquisition of distributor
Drone USA, a developer and manufacturer of low altitude unmanned aerial vehicles (UAV) and related technologies, has completed the acquisition of Howco Distributing Corp.
The Company’s investment in Howco is a continuation of Drone USA’s targeted acquisition strategy that involves the acquisition of profitable businesses led by experienced management teams that have well-established operating plans. As a part of the transaction, former owners Paul and Kathy Joy have entered into employment agreements with Drone USA to continue to oversee Howco’s day-to-day operations. Michael Bannon, Chief Executive Officer of Drone USA, stated: “Howco is a leading supplier that continues to deliver on its strong track record of operational excellence and solid relationships with OEMs and suppliers. We believe the acquisition will increase our global footprint and market share as we build Drone USA’s geographic presence on the West Coast. We look forward to working with Mr. and Ms. Joy, their knowledge and expertise has shaped Howco into the leading supplier it is today and we are confident they will contribute greatly to the Company’s overall growth.” Thecompany purchased Howco for USD 3.5 million.