Continental Electronics Has a New Owner

Continental Electronics Has a New Owner
Author:
Publish date:

Broadcast transmitter manufacturer Continental Electronics has a new owner.
Few people in the broadcast industry took note this week when it happened, but the Dallas-based company was part of the $543 million purchase of Integrated Defense Technologies Inc. by defense electronics supplier DRS Technologies Inc., headquartered in Parsippany, N.J.
The transaction was completed following approval by a majority of IDT stockholders, the buyer said.
A Continental spokesman told Radio World Online Thursday that the impact of the sale on Continental is not yet known; but, he said, "I think it can only be positive." Continental has 140 employees.
The company has had a varied ownership history. Continental was founded in 1946 by James O. Weldon and later became part of LTV Corp. In 1972, Weldon bought it back.
In 1985, the company became a division of Varian Associates; in 1990, it was acquired by Tech-Sym Corp., which was bought in turn by IDT in 2000.
DRS, the new parent company, employs 5,700 people. Its announcement of the acquisition of IDT did not mention Continental. A spokeswoman did not immediately return a call about the company's plans for the broadcast marketplace.
Mark S. Newman, DRS Technologies' chairman, president and CEO, said in a statement, "This transaction has enhanced our content on key U.S. Army and Navy weapons programs, contributed a significant new base of U.S. Air Force programs and greatly expanded DRS's intelligence agency business, creating a formidable, defense electronics industry competitor."

Related