FAIRFAX, Va. (AP) -- Military contractor ManTech International Corp. said Monday it will acquire Sensor Technologies Inc. for $242 million in cash, as it seeks to broaden its offerings in the defense and intelligence market.
Sensor Technologies, a privately held contractor based in Red Bank, N.J., expects to generate $340 million in revenue in 2009 and $450 million in 2010, ManTech said.
ManTech said it expects the acquisition to close in early 2010. The company will fund the acquisition with cash and borrowings under its senior revolving credit facility.
"This acquisition is consistent with our long-term strategy to broaden our footprint in the high-end defense and intelligence market," Chairman and CEO George J. Pedersen said in a statement.