Singer Buying Textron’s Dalmo Victor Unit For $174 Million Cash
STAMFORD, Conn. (AP) _ The Singer Co. will expand its aerospace electronics business by acquiring Textron Inc.’s Dalmo Victor division for $174 million in cash, the companies have announced.
The transaction, expected to be completed by the end of the first quarter of 1986, has been approved by the boards of directors of Singer and Textron, the companies said in a joint announcement of their definitive agreement on Monday.
Dalmo Victor, based in Belmont, Calif., makes electronic warfare systems. Singer’s aerospace electronics technologies include command, control and communications, plus intelligence and electronic warfare.
Initial financing of the deal will be through a revolving credit agreement established in early 1985. But Singer also said it is considering financing the acquisition through the sale of its Controls division, a consumer operation.
Textron President B.F. Dolan said the sale of Dalmo Victor is part of Textron program to reduce the $1 billion debt it incurred last year in its acquisition of Avco Corp.
Textron is based in Providence, R.I.
Singer Chairman Joseph P. Flavin said he does not expect the acquisition to dilute its 1986 earnings significantly.