================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JULY 15, 2002
DRS TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 1-8533 13-2632319
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
5 SYLVAN WAY, PARSIPPANY, NEW JERSEY 07054
(Address of principal executive offices)
(973) 898-1500
(Registrant's telephone number, including area code)
================================================================================
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On July 15, 2002, DRS Technologies, Inc. (DRS or the Company) acquired the
assets and certain liabilities of the Navy Controls Division of Eaton
Corporation pursuant to a Purchase Agreement dated as of May 24, 2002 between
DRS and Eaton Corporation (the Acquisition). The Company paid approximately
$92.2 million in cash, subject to adjustment, for the Acquisition.
Renamed DRS Power & Control Technologies, Inc. (PCT), and located in
Milwaukee, Wisconsin, and Danbury, Connecticut, the company is a leading
supplier of high-performance power conversion and instrumentation and control
systems for the U.S. Navy's combatant fleet, including nuclear-powered and
conventionally powered ships, as well as to specialized industrial customers.
Products include ship electric propulsion equipment, power electronics
equipment, high-performance networks, shipboard control equipment and control
panels, tactical displays, and specialty reactor instrumentation and control
equipment. DRS Power & Controls Technologies is being managed as a part of the
Company's Electronics Systems Group and has over 600 employees.
ITEM 7. FINANCIAL STATEMENT AND EXHIBITS.
(a) Financial statements of business acquired.
DRS will file the required financial statements of the Navy Controls
Division of Eaton Corporation by amendment to Form 8-K, not later than
60 days after the date that this Form 8-K must be filed.
(b) Pro forma financial information.
DRS will file the required pro forma financial information by
amendment to Form 8-K, not later than 60 days after the date that this
Form 8-K must be filed.
(c) Exhibits.
1. Purchase Agreement, dated as of May 24, 2002, between DRS
Technologies, Inc. and Eaton Corporation.
2
2. SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hererunto duly authorized.
DRS TECHNOLOGIES, INC.
-------------------------
Registrant
Date July 30, 2002 /s/ RICHARD A. SCHNEIDER
-------------------------
Richard A. Schneider
Executive Vice President, Chief
Financial Officer and Treasurer
3