Author: Jay Clemens|| Date Published: September 20, 2016
New York City-based unmanned vehicle maker Drone USA has concluded its purchase of wholesale distribution company Howco Distributing Corp. for $3.5 million in cash, promissory notes and warrants.
Drone USA said Tuesday it will have access to Howco™s facility leases and related intellectual property and establish connections with the latter company’s suppliers and vendors.
Howco reported sales of $23.4 million in 2015 and earnings before interest, taxes, depreciation and amortization at close to $1.78 million.
Howco’s former owners Paul and Kathy Joy will join Drone USA as part of the acquisition and help oversee day-to-day operations.
Drone USA entered into a stock purchase agreement in August to buy Howco, a Vancouver, Washington-based company that provides spare and replacement parts to federal government agencies, U.S. military contractors and commercial customers worldwide.
The Naval Information Warfare Center Pacific is soliciting proposals for the development and fielding of intelligence, surveillance and reconnaissance systems…
The Department of War is accelerating its push into unmanned systems, moving beyond experimentation toward large-scale production, streamlined acquisition and…
BAE Systems has received a $117.7 million contract modification from the U.S. Navy to support depot-level modernization, maintenance and repair of USS…
Advanced wireless infrastructure is becoming as strategically important as artificial intelligence in modern defense operations 5G standalone enables network slicing,…
New York City-based unmanned vehicle maker Drone USA has concluded its purchase of wholesale distribution company Howco Distributing Corp. for $3.5 million in cash, promissory notes and warrants.
