October 21, 2014 6:30 AM ET

Aerospace and Defense

Company Overview of DRS Technologies, Inc.

Company Overview

DRS Technologies, Inc. develops, manufactures, and supports integrated a broad range of systems for military forces, intelligence agencies, and prime contractors worldwide. The company focuses on defense technology. It offers imaging and targeting solutions, cyber and information assurance solutions, control systems, communication solutions, intelligence solutions, tactical systems, sonar systems, training solutions, power and environmental systems, avionics systems, C3 and aviation systems, and unmanned systems; and global enterprise, tactical communications and network, maritime and security, signal, and commercial nuclear services. The company also provides thermal imaging devices, combat...

2345 Crystal Drive

Suite 1000

Arlington, VA 22202

United States

Founded in 1968

10,200 Employees

Phone:

703-412-9128

Fax:

703-416-8010

Key Executives for DRS Technologies, Inc.

Chairman and Chief Executive Officer
Chief Financial Officer and Executive Vice President
Chief Operating Officer and Executive Vice President
President of C4I Group
President of Sensors & Nuclear Controls
Compensation as of Fiscal Year 2014.

DRS Technologies, Inc. Key Developments

DRS Technologies Pays $14 Million to Settle Allegations

DRS Technologies Inc. will fork over $13.7 million to settle allegations it overbilled the government for work performed by employees who lacked required job qualifications. The claims, which resulted from an internal government investigation, actually pertain to DRS C3 & Aviation Co. The DRS subsidiary in Gaithersburg was providing services to the Army's Communication and Electronics Command. According to the Justice Department, which announced the settlement, DRS from Jan. 1, 2003, to Dec. 31, 2012, allegedly billed CECOM for work performed by individuals whose job qualifications, and pay grades, did not meet all the requirements detailed in labor categories included in its contracts, 'thereby falsely increasing the amount of money DRS claimed and CECOM paid.' The government claimed that DRS, which is owned by Italian conglomerate Finmeccanica SpA., also overcharged the Coast Guard's Aviation Logistics Center from Dec. 19, 2009, to Dec. 18, 2011, 'thereby inflating the cost of the services provided. The alleged CECOM labor mischarging occurred on the Rapid Response, or R2 contract, used to purchase a variety of goods and services needed to support U.S. forces in Iraq, Afghanistan and elsewhere on a quick turnaround basis. The settlement also resolves labor mischarging on a similar U.S. Coast Guard contract. DRS did not respond to a request for comment on the settlement, which it's worth noting is not an admission of guilt.

DRS Technologies Appoints Jim Scott as President of the Company's Aviation, Communication and Homeland Security Business Group

Finmeccanica North America and DRS Technologies CEO William J. Lynn has announced the appointment of Jim Scott as president of the company's Aviation, Communication and Homeland Security (ACHS) business group. Prior to this appointment, Scott served as vice president and general manager for the Global Enterprise Solutions business unit of ACHS. He has spent more than 20 years in the defense industry, with particular expertise in full lifecycle telecommunication systems and security and logistics operations. Scott will oversee the DRS portfolio of satellite services, network and telecommunications, electronic and cyber security solutions and aviation maintenance repair and overhaul businesses.

DRS Technologies, Inc. wins $175 Million Contract for Halvorsen Aircraft Loader/Transporter Overhaul Program for U.S. Air Force

DRS Technologies, Inc. announced that it will provide logistics support to the U.S. Air Force's Halvorsen 25K Aircraft Cargo Loaders around the globe. The Air Force awarded DRS Sustainment Systems, Inc. a ten-year IDIQ contract valued at more than $175 million for depot-level overhaul, program engineering support and parts management in support of the aircraft cargo loader. The Halvorsen is a highly versatile cargo loader and handler with a maximum payload capacity of 25,000 pounds of either palletized or rolling-stock cargo. The loader interfaces with all commercial and military cargo aircraft and can be airlifted by C-17, C-5 and C-130 aircraft or surface shipped via rail or flatbed truck. Currently 443 U.S. Air Force Halvorsens are operating at over 160 locations world-wide. The work will be performed at DRS's Sustainment Systems' West Plains, Missouri manufacturing facility where the company is currently overhauling numerous Tunner systems for the Air Force.

Similar Private Companies By Industry

Company Name Region
Greenwich AeroGroup, Inc. United States
Korry Electronics Co. United States
Taylorcraft Aviation, LLC United States
Savannah River Nuclear Solutions, LLC United States
SRCTec, Inc. United States

Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
NYC2012, Inc. United States
Bertelsmann AG Europe
Rush University United States
Citizens Budget Commission United States

Sponsored Financial Commentaries

Sponsored Links

Report Data Issue

To contact DRS Technologies, Inc., please visit www.drs.com. Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.