OSI Completes Acquisition of CHI Systems Inc.,

Wednesday, December 14, 2005
Offshore Systems International Ltd. announced that it has completed the acquisition of CHI Systems Inc. Founded in 1985, CHI is a privately-owned research, development, and engineering company with approximately 70 employees, supplying advanced technology and services that improve the work performance, mission success, and cost effectiveness of its clients. In 2004 CHI reported unaudited revenue of approximately US$12 million. Key customers of CHI include the U.S. Army, Navy, Air Force and Marine Corp.; Defense Advanced Research Projects Agency (DARPA); Northrop Grumman; General Dynamics; and BAE Systems. Under the terms of the agreement OSI paid approximately US$9.0 million for all of the outstanding shares of CHI, of which approximately US$8.1 million was paid in cash from treasury, with the balance paid by the issuance of 1,067,975 OSI common shares. OSI first announced a non-binding letter of intent to acquire CHI on July 11, 2005, followed by its November 8, 2005 press release announcing the signing of a formal agreement. CHI has grown steadily over the last five years and has a record of profitability throughout its history. The acquisition is expected to be immediately accretive to OSI's earnings and will contribute to the consolidated financial results of OSI beginning in the 2006 fiscal first quarter ending February 28.
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

BIMCO Welcomes EU Decision on Migrants

BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Arctic Nations to Fight Climate Change Despite Russia Tensions

The eight Arctic Council nations pledged on Friday to do more to combat climate change that is shrinking the vast frigid region, with countries trying to put

 
 
Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1377 sec (7 req/sec)