CP National will buy Ocean Technology Inc.

San Francisco-based CP has agreed to pay $27.5 million in cash for the small Burbank-based defense contractor, which is 40% owned by Zero Corp. Ocean Technologies, which said it earned $2.1 million on revenue of $29.8 million for the fiscal year ended March 31, sells signal-processing systems and engineering services to the Navy. The sale is scheduled to close next month.