Mitcham Industries Inc. announced that it has acquired Klein Associates Inc. from L-3 Communications. Klein provides sonar and waterside security systems to military and commercial customers. L-3 acquired Klein in 2003 for $30M.
Rob Capps, Mitcham Co-CEO comments: "This transaction provides a number of strategic benefits to Mitcham, including the expansion of our technology base and better utilization of our engineering resources. This transaction also expands our manufacturing operations, making them a larger part of the company, and gives us access to a broader range of technology and expertise. In addition, this acquisition should allow us to leverage our geographic footprint and longstanding customer relationships in the energy industry for the benefit of Klein's product line. Furthermore, we expect this transaction will reduce Mitcham's dependence on the cyclical energy industry."
Deal terms were not disclosed.
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