Thursday, January 24, 2008

Allied Defense to Shop Titan Dynamics for $4.75M

International defense contractor The Allied Defense Group Inc. announced Thursday that it has agreed to sell its Texas-based subsidiary, Titan Dynamics Systems Inc., to Chemring Group PLC for $4.75 million. Headquartered in the United Kingdom, Chemring is a manufacturer of decoy countermeasures and energetic materials for the global defense, security and safety markets. Allied Defense said it expects the sale to close by late February, pending regulatory approval. Maj. Gen. (Ret.) John J. Marcello, Allied Defense’s president and chief executive officer, said selling Titan will allow his company to focus on core businesses. Headquartered in Marshall, Texas, Titan Dynamics Solutions manufacturers battlefield effects simulators and other training devices for military agencies.