Leonardo DRS
 |
| File:DRS Technologies LOGO.png | |
| Company type | Subsidiary of Leonardo-Finmeccanica |
|---|---|
| Industry | Defense |
| Founded | 1968 |
| Headquarters | , |
| Website | www.drs.com |
DRS Technologies, Inc. (DRS) is a US-based defense contractor. Previously traded on the NYSE, the company was purchased by the Italian firm Finmeccanica (now Leonardo-Finmeccanica) in October 2008.
History
Diagnostic/Retrieval Systems, Inc (DRS) was founded in 1968 by Leonard Newman (whose son, Mark Newman, was the CEO until Jan-2012) and David Gross, two engineers working for Loral Corporation. The two were working on signal processing techniques for anti-submarine warfare. When Loral chose to pursue other technology, Newman and Gross founded DRS to continue their research, which ultimately led to development of the AN/SQR-17 passive submarine detection system, a product still used today.
DRS went public in 1981 and acquired its first company in 1984. By 1994, DRS set a goal to become a mid-tier defense contractor, defined by $500M in sales – notwithstanding that DRS at the time had only $58M in sales. Six years later, at the turn of the century, DRS reached the $391M sales level, and in 2004 surpassed the $1B sales mark.[1]
DRS was acquired by the Italian conglomerate Finmeccanica S.p.A. (now Leonardo-Finmeccanica) in 2008.
Products
- M1000 Trailer, part of the Heavy Equipment Transport System
Drone
See also
References
- ^ DRS Connections, May 2007 Special Edition #12 (the company's internal newsletter)