Flight refuelling pioneer Cobham yesterday snapped up selected assets of US firm Microwave Development Company for $13.65 millon (£8 million) in cash.
Based in Salem, New Hampshire, MDC develops and manufactures microwave products primarily for the US military market.
Dorset- based Cobham, which is working alongside Rolls-Royce on the £13 billion airtanker contract for the RAF, also said that it has entered into a new £300 million revolving credit facility to replace an existing £150 million five year facility and the $ 200 million (£117.6 million) bridge facility put in place to finance the Remec acquisition.
The refinancing was completed to take advantage of favourable market conditions and results in reduced annual costs, the group said.
It also said the loan was syndicated as a club deal and was oversubscribed. This facility, arranged for general corporate purposes, is for five years, with possible extensions of up to two years at the option of the banks.
Cobham also said it has completed the £8 million previously announced disposal of the trade and assets of Cobham Fluid Systems products division.
On the purchase of MDC, Cobham said that over the next six months it is intended that the business and 53 of the 85 staff will transfer to Chelton's Continental Microwave and Tool Company located in Exeter, also in New Hampshire.