Newly formed aerospace manufacturing holding company Velocity One has agreed to merge with EMCORE, a provider of inertial navigation solutions to the aerospace and defense industry.
EMCORE said Friday the cash transaction with a purchase price of $3.10 per share was cleared by its board of directors and will see the company become a wholly owned subsidiary of Velocity One.
“This merger underscores our commitment to our domestic and international customer base, including strengthening relationships with and generating synergies across a range of high-priority U.S. and NATO defense programs and industrial partners served by all three companies,” commented EMCORE CEO Matt Vargas. “By combining our strengths with those of Velocity One, we believe EMCORE will be better positioned and resourced to address global customers’ evolving needs and deliver superior solutions. We look forward to the future as part of the Velocity One team.”
EMCORE will join Cartridge Actuated Devices, a long-time energetic device designer and manufacturer, and Aerosphere Power, a power system manufacturer supporting commercial and military customers.
“We are excited to bring our playbook to EMCORE, as well as decades of experience operating aerospace and defense manufacturing and engineering businesses and optimizing their efficiency and profitability,” said John Borduin, CEO of Velocity One. “EMCORE has excellent technology and offers a large product portfolio. We believe this, combined with our industry experience and shared customer portfolio, puts EMCORE on a new trajectory for growth.”
