Satellite-clock maker buys N.J. firm
A Block IIR GPS Satellite, one of the types of satellites Frequency Electronics supplies. Credit: Lockheed Martin Illustration
Frequency Electronics Inc., based at Mitchell Field, said Monday it plans to acquire all shares of a New Jersey engineering and manufacturing company, Elcom Technologies Inc.
Frequency, a maker of precision timing devices for satellites, already owns about a fourth of Elcom's shares, and said it has entered into an agreement to buy the rest.
The deal is expected to close later this week.
Elcom, based in Rockleigh, N.J., will become a wholly owned subsidiary of Frequency Electronics and will continue its operations in New Jersey.
After the announcementm Frequency shares were down 3 cents on the Nasdaq, to $7.94, on the low end of its 52-week range of $6.91 to $11.79.
Founded a half-century ageo, Frequency Electronics makes clocks and synchronization devices for missiles, unmanned aircraft, GPS, secure radios, energy exploration, hard-wired and wireless telecom networks; and for military command-and-control systems.
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