Titan Agrees to Buy Radar Maker Jaycor
Titan Corp., whose irradiation equipment is being used by the U.S. Postal Service to kill anthrax, agreed to buy closely held Jaycor Inc. for $95 million in stock to attract military electronics contracts.
Jaycor makes radar and communications systems, which Titan could use to expand its business with military research and development agencies in the U.S. Jaycor will add $45 million to $50 million in sales this year and is expected to increase profit, the company said.
Both companies are based in San Diego. Titan, which also makes satellite communications gear, had sales of about $1 billion in 2000. Titan shares fell $1.10 to $20.27 on the NYSE.
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