SAN DIEGO and MCLEAN, Va., Sept. 13 /PRNewswire/ -- Science Applications International Corporation (SAIC) announced today that it has completed the acquisition of Varec, Inc., a market leader in measurement, control and automation systems, supplying integrated hardware and software to oil and gas, defense, and aviation markets.
The acquisition strengthens SAIC's position in the fuels industry and allows the company to provide a more comprehensive array of services to its customers. The Varec organization will transition to SAIC under the continuing leadership of Keith Coggins , Varec's president.
"SAIC is an outstanding fit for Varec, with a very compatible complementof both commercial and government business," said Coggins. "The SAIC corporate culture and values are similar to ours, one that respects andappreciates the quality of its people. An ideal acquisition is one in which the whole is greater than its parts, and this is certainly the case with Varec and SAIC. In addition to the benefits that we see for Varec and SAIC, the other winner in this acquisition will be our customers who now have access to a greater array of products and services."
Headquartered in Norcross, Ga., Varec employs more than 125 people who will transition into SAIC's Logistics and Engineering Solutions Business Unit.
"The acquisition of Varec expands SAIC's marketplace offerings in theareas of defense, aviation, and oil and gas. In addition, the acquisition will enhance the breadth and depth of our existing products in the marketplace," said Jim Cuff , SAIC senior vice president and general manager ofthe Logistics and Engineering Business Unit. "We look forward to welcoming the Varec employees to the team."
"As a market leader in fuels terminal automation system, Varec brings aunique set of capabilities to SAIC," said Charles Koontz , SAIC senior vice president and general manager of the Commercial Business Services BusinessUnit. "The acquisition positions SAIC to become a major provider of downstream terminal automation and measurement."
The Varec FuelsManager(R) software suite of industry solutions has been along time standard in the oil and gas and defense markets, as well as other inventory management related industries. Today, the aviation industry is rapidly increasing its use of the Fuels Manager Aviation system. Varec is a worldwide supplier to the U.S. Department of Defense for fuel monitoring/control hardware and software.
Terms of the acquisition were not disclosed.
SAIC is the largest employee-owned research and engineering company in the United States , with more than 43,000 employees in over 150 cities worldwide. For the fiscal year ended January 31, 2006 , the company reported annual revenues of
Statements in this announcement other than historical data and information constitute forward-looking statements that involve risks and uncertainties. A number of factors could cause our actual results, performance, achievements or industry results to be very different from the results, performance or achievements expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to, the risk factors set forth inthe Company's Annual Report on Form 10-K for the period ended January 31,2006 , and such other filings that the Company makes with the SEC from time to time. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof.