Part Of Bigger Drive To Build UAS Resources
Boeing announced Wednesday an agreement to acquire Insitu, Inc.,
a pioneer in the unmanned air systems (UAS) market and leader in
the design, development and manufacture of high-performance,
low-cost UAS used for intelligence, surveillance and reconnaissance
(ISR).
Boeing and Insitu have partnered since 2002 and together
developed the ScanEagle UAS program, which has more than 100,000
operational flight hours with the US Department of Defense and
international customers. Boeing says Insitu's technologies and
advanced capabilities in rapid prototyping and manufacturing are
driving its revenue to an anticipated $150 million this year, 70
percent higher than in 2007, and have it well positioned for the
future.
"Increasingly our customers are seeking advanced unmanned aerial
solutions to address a wide range of requirements for ISR
missions," said Jim Albaugh, president and CEO of Boeing Integrated
Defense Systems. "The Boeing-Insitu team has been successfully
delivering much-needed capability to the warfighter in a changing
threat environment. Bringing these outstanding teams together will
accelerate deployment of the next generation of unmanned systems to
our US and allied service members."
Terms of the cash transaction were not disclosed. The
transaction, anticipated to close by the end of September following
regulatory approvals, does not affect Boeing's financial guidance.
Once acquired, Insitu will be a separate subsidiary under Boeing
Integrated Defense Systems' Military Aircraft unit... allowing it
to retain an independent operating model, while benefiting from
Boeing's vast resources.
"This acquisition is part of a larger plan to aggressively grow
our presence in the unmanned systems market," said Chris Chadwick,
president, Boeing Military Aircraft. "We look forward to building
upon our existing relationship with Insitu to deliver
industry-leading tactical unmanned systems and services to our
customers."
Founded in 1994 as an entrepreneurial start-up, Insitu, located
in Bingen, WA designs, develops and manufactures UAS for commercial
and military applications. It built the first UAS to cross the
Atlantic Ocean, and today has approximately 360 employees.
"This agreement allows us to leverage the breadth and strength
of Boeing to get our organization to the next level," said Steven
Sliwa, president and CEO of Insitu. "At the same time, it allows us
to retain the unique culture and environment that have driven the
continuous innovation and entrepreneurial agility that have us
positioned as a leader in our market."
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