DRS Technologies, Inc., a Finmeccanica Company, announced that it has realigned its operating structure to more effectively serve its military and commercial customers.
The company has been reorganized into three new operating Groups:
As part of this reorganization, DRS has committed to enter into a new Proxy Agreement with the Defense Security Service in the near term. This new Proxy Agreement will allow DRS and all of its subsidiaries to operate as a unified organization without restriction on the company's eligibility to access classified information or compete for classified contracts.
In addition to the new Group structure, DRS will be consolidating corporate functions currently based in Parsippany, NJ and Rockville, MD to its Crystal City headquarters in Arlington, Virginia. The company anticipates completing this consolidation of corporate functions by the end of the year.
DRS Technologies’ Chief Executive Officer, William J. Lynn, III, stated, “I am confident that these actions will make our organization much stronger, leaner, and more competitive. The employees of DRS are committed to exceeding expectations when it comes to delivering the highest quality products and services that our warfighters and peacekeepers need to successfully complete their missions.”
Source: DRS Technologies Inc., A Finmeccanica Company (Milan: FNC.MI)
Date: Apr 30, 2012