- DRS Technologies
-
DRS Technologies, Inc. Type subsidiary of Finmeccanica Industry Defense Founded 1968 Headquarters Parsippany, New Jersey, USA Website www.drs.com DRS Technologies, Inc. (DRS) is a US-based defense contractor. Previously traded on the NYSE, the company was purchased by the Italian firm Finmeccanica in October 2008.
Contents
History
Diagnostic/Retrieval Systems, Inc (DRS) was founded in 1968 by Leonard Newman (whose son, Mark Newman, is the current CEO) and David Gross, two engineers working for Loral Corporation. The two were working on signal processing techniques for anti-submarine warfare. When Loral chose to pursue other technology, Newman and Gross founded DRS to continue their research, which ultimately led to development of the AN/SQR-17 passive submarine detection system, a product still used today.
DRS went public in 1981 and acquired its first company in 1984. By 1994, DRS set a goal to become a mid-tier defense contractor, defined by $500M in sales – notwithstanding that DRS at the time had only $58M in sales. Six years later, at the turn of the century, DRS reached the $391M sales level, and in 2004 surpassed the $1B sales mark.[1]
DRS was acquired by the Italian conglomerate Finmeccanica S.p.A. in 2008.
Products
- M1000 Trailer, part of the Heavy Equipment Transport System
See also
- Top 100 US Federal Contractors
References
- ^ DRS Connections, May 2007 Special Edition #12 (the company's internal newsletter)
External links
Categories:- Companies established in 1968
- Defense companies of the United States
- Companies based in Morris County, New Jersey
Wikimedia Foundation. 2010.
