jitender_singh
January 3rd, 2008, 02:59 AM
BAE Systems buys Indian American’s firm
for $450 m
New Delhi, January 2
A major US military support provider company set up by an Ohio-based Indian American and his wife in 1984 has been acquired by leading British defence firm BAE Systems for some $ 450 million.
Rajesh K. Soin, who founded Modern Technologies Corp (MTC) with wife Indu Soin in Dayton, Ohio, in 1984, confirmed the deal with BAE Systems — the sixth largest supplier to the US defence department. The Dayton-based NRI was here in connection with dedicating a 55-bed specialty hospital in the name of his father Sukhdev Raj Soin in Banchari village in Haryana's Faridabad district, 80 km from here on the Delhi-Mathura highway. The acquisition of Nasdaq-listed MTC by BAE Systems is being termed as strategic for the British firm, which is hot on the trail of major military contracts from the US government. MTC provides technical, professional and logistics services to the US defence department and intelligence agencies. The company is rated among the fastest growing US defence technology companies.
Soin is currently the chairman and CEO of MTC. He is probably the only NRI who has a management college - the Raj Soin College of Business — at the Wright State University in Ohio.
BAE Systems will purchase all outstanding shares of MTC at $24 per share and also take over its debt liabilities of over $80 million. BAE Systems' sales in 2006 exceeded $27 billion. Incidentally, the Indian Air Force (IAF) last month started receiving the first of the 66 BAE Systems Hawk advanced jet trainer (AJT) it has purchased in a deal valued at Rs.80 billion ($2 billion)
for $450 m
New Delhi, January 2
A major US military support provider company set up by an Ohio-based Indian American and his wife in 1984 has been acquired by leading British defence firm BAE Systems for some $ 450 million.
Rajesh K. Soin, who founded Modern Technologies Corp (MTC) with wife Indu Soin in Dayton, Ohio, in 1984, confirmed the deal with BAE Systems — the sixth largest supplier to the US defence department. The Dayton-based NRI was here in connection with dedicating a 55-bed specialty hospital in the name of his father Sukhdev Raj Soin in Banchari village in Haryana's Faridabad district, 80 km from here on the Delhi-Mathura highway. The acquisition of Nasdaq-listed MTC by BAE Systems is being termed as strategic for the British firm, which is hot on the trail of major military contracts from the US government. MTC provides technical, professional and logistics services to the US defence department and intelligence agencies. The company is rated among the fastest growing US defence technology companies.
Soin is currently the chairman and CEO of MTC. He is probably the only NRI who has a management college - the Raj Soin College of Business — at the Wright State University in Ohio.
BAE Systems will purchase all outstanding shares of MTC at $24 per share and also take over its debt liabilities of over $80 million. BAE Systems' sales in 2006 exceeded $27 billion. Incidentally, the Indian Air Force (IAF) last month started receiving the first of the 66 BAE Systems Hawk advanced jet trainer (AJT) it has purchased in a deal valued at Rs.80 billion ($2 billion)