Plasan acquires controlling interest of Artis

Ballistic armor developer set to acquire 51% of US' Artis for $60-70M. US company specializes in active protection systems for tactical wheeled vehicles

Reuters | Published: 03.20.12, 15:13

Ballistic armor developer Plasan Sasa has inked large defense deal whereby it will acquire controlling interest of US-based engineering company Artis, which specializes in active tactical wheeled vehicles (TWV) protection systems.

The deal, worth a reported $60-$70 million, will be signed by Plasan Carbon Composites, Plasan's US-based subsidiary.

Plasan's current deal follows a difficult year for the company, in which it was forced to let hundreds of its employees go due to decline in business with one of its leading clients, the US Military; mainly due to the withdrawal of US forces from Iraq and Afghanistan, coupled with cuts in the defense budgets of other major clients.

Israel-based Plasan designs, develops and manufactures protective ballistic systems and tactical combat vehicles. Plasan's 2010 revenue was $870 million.

Headquartered in Herndon, Virginia, Artis specializes in contract R&D and analysis services. The company's flagship product is the Iron Curtain system – an active protection system for tactical wheeled vehicles.

Plasan said that the deal will "enable the company to provide optimal protection solutions for present and future threats".

The company added that the integration of Artis's outstanding design and engineering capabilities will create new market opportunities and enable Plasan to improve its ability to provide optimal solutions to its customers' challenging needs.

Last summer, Plasan acquired US Kazak Composites, producer of composite structures for the naval and aerospace markets.