Posted on 07/23/2008 12:02:59 PM PDT by jazusamo
Boeing Co. could lift a fast-growing Columbia River Gorge aircraft business to new heights, under a nearly $400 million acquisition announced Tuesday.
Bingen-based Insitu’s 360 employees are giddy about the news, which could bring payoffs for many, thanks to a company plan that allowed employees to own shares of the private business, said spokeswoman Tabitha Orlando.
Insitu’s acquisition is part of a larger Boeing plan to aggressively grow its presence in the unmanned systems market, said Chris Chadwick, president of Boeing Military Aircraft.
Boeing and Insitu have worked together since 2002, when the two businesses jointly began development of the ScanEagle unmanned aircraft, now in use by U.S. military forces in Iraq and Afghanistan.
Insitu was founded in 1994, and early on made weather drones. It has evolved to become a manufacturer of unmanned air vehicles equipped for military use, winning numerous government grants and attracting venture capital along the way.
Its lightweight aircraft, with wingspans of about 10 feet, assemble quickly, require minimal runway space, and can gather intelligence on pre-programmed missions or while operated remotely from the ground.
Sales have taken off in recent years thanks to U.S. and Australian military orders. Insitu forecasts revenues of $150 million in 2008, up from $87 million in 2007.
Remaining in gorge
Under Boeing ownership, Insitu will remain in the Columbia River Gorge, where workers are spread across 14 sites in Bingen and White Salmon and in Hood River, Ore., said Alvin Jackson, vice president, sales and government relations, for Insitu. The company designs, tests and manufactures all of its equipment, and will continue to do so when it comes under Boeing’s wing, he said.
As a result of the acquisition, Insitu will have access to new technology, people and money, which will allow the Bingen company to venture into new markets, Jackson said.
“We have developed a good family of unmanned aerial vehicles,” he said. “We are anxious in the future to get into the area of other unmanned vehicles, such as ground vehicles and water vehicles, with what we will call mobile autonomous information system platforms.”
Boeing stock takes off
Talks with Boeing about these plans and about any financial investment at Insitu are on hold until after regulators approve the acquisition, Jackson said. The sale is expected to close in September.
“Then a lot of what we’ve been talking about is finally going to be possible,” Jackson said. “And the beauty of all this is that we can grow while maintaining the culture and environment we’ve put together here in Bingen, Washington.”
“This was a strategic move to equip us to better serve our customers,” Steven Sliwa, president and chief executive officer of Insitu, said in a prepared statement, adding that Insitu will remain an independent subsidiary.
The companies did not disclose the exact terms of the sale, but several news reports pegged the transaction at just under $400 million, and Insitu officials did not dispute or confirm that value.
Boeing shares, which trade on the New York Stock Exchange under the symbol BA, closed at $69.26 on Tuesday, up $1.02.
Ping!
Thanks for the post. This may be old news but this was the first I’d read about the acquisition, however I have read some on the x-45.
Insitu ScanEagle on launcher.
Thanks, I believe the ScanEagle has been a work horse for our military in Iraq and Afghanistan.
These bomb trucks could hang in a "theater" waiting for action.. taking "chances" that few pilots could/would/should.. Talk about cruise missles.. An enemys own airspace could become a liabilty to him.. "G" forces would no longer be so important.. Stealth air trucks for many purposes might be concieved.. Somebody at BOEING that decided to buy this company should get a raise.. or bonus..
I thought the name of Steven Sliwa sounded a tad familiar...former President of my alma mater...left a number of years ago to pursue some entreprenuerial opportunities. Seems that one of them has paid off rather well...
Looks like it paid off really well, must be a smart guy.
While I too appreciate the implications of this tech for the good guys, what part of
“Loose lips sink ships”
is so hard to comprehend? Even if the info is publically available, concentrating and summarizing it here is akin to handing the enemy sensitive intel.
Just a thought I considered and decided I’d share.
The Chinese don't have stealth technology yet.. UNless the State Departmant(and other places) has SOLD it to them.. Since Bush did not remove the ringers that the Clintons installed there or any other place in gov't... except possibly the Justice Department somewhat..
That’s my point, FRiend.
We have MANY enemies, most undeclared, and few FRiends, most of whom are known to all sides. Let’s try to keep how we defend ourselves and our allies hidden from those who wish us (and them) harm.
While I sincerely doubt the current administration had anything to to with technology transfers, put on your thinking cap. Current generation nuclear tech is now in the Chicoms’ hands. Do you think that stealth was missed, somehow?
Yet some folk think *I’m* a Pollyanna!
Sheesh!
Get out of here...... (PUSH.. like Elaine on Seinfeld)..
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