April 30, 2012
DRS Technologies Announces Reorganization
PARSIPPANY, NJ, APRIL 30, 2012 - DRS Technologies, Inc., a Finmeccanica Company, announced that it has realigned its operating structure to more effectively serve its military and commercial customers.
The company has been reorganized into three new operating Groups:
- DRS Network and Imaging Systems (NIS) includes the DRS electro-optical and integrated sensor systems lines of business, and the development of networks that integrate such sensors in a broader tactical C4 environment. Terry Murphy will lead this organization as Group President.
- DRS Power, Environmental and Sustainment Systems (PESS) includes the DRS environmental systems, sustainment products, and power systems lines of business. Roger Sexauer will lead this organization as Group President.
- DRS Integrated Defense Systems and Services (IDSS) includes the DRS intelligence gathering, training systems, telecommunications services, and related lines of business as well as the legacy businesses of DRS Defense Solutions and DRS C3 & Aviation Group. Richard Danforth will lead this organization as Group President.
As part of this reorganization, DRS has committed to enter into a new Proxy Agreement with the Defense Security Service in the near term. This new Proxy Agreement will allow DRS and all of its subsidiaries to operate as a unified organization without restriction on the company's eligibility to access classified information or compete for classified contracts.
In addition to the new Group structure, DRS will be consolidating corporate functions currently based in Parsippany, NJ and Rockville, MD to its Crystal City headquarters in Arlington, Virginia. The company anticipates completing this consolidation of corporate functions by the end of the year.
DRS Technologies’ Chief Executive Officer, William J. Lynn, III, stated, “I am confident that these actions will make our organization much stronger, leaner, and more competitive. The employees of DRS are committed to exceeding expectations when it comes to delivering the highest quality products and services that our warfighters and peacekeepers need to successfully complete their missions.”
DRS Technologies is a leading supplier of integrated products, services and support to military forces, intelligence agencies and prime contractors worldwide. The company is a wholly owned subsidiary of Finmeccanica S.p.A. (FNC.MI) which employs more than 71,000 people worldwide. For more information about DRS Technologies, please visit the company’s website at www.drs.com.
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