DRS Technologies

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DRS Technologies, Inc.
Type	Public (NYSE: DRS)
Founded	1968
Headquarters	Parsippany, New Jersey, USA
Industry	Defense
Website	www.drs.com

DRS is a US-based defense contractor. DRS is subject to a takeover bid by Finmeccanica.

[edit] History

DRS was founded in 1968 by Leonard Newman (whose son, Mark Newman, is the current CEO) and David Gross, two engineers working for Loral Corporation. The two were working on signal processing techniques for anti-submarine warfare. When Loral chose to pursue other technology, Newman and Gross founded DRS to continue their research, which ultimately led to development of the AN/SQR-17 passive submarine detection system, a product still used today.

DRS went public in 1981 and acquired its first company in 1984. By 1994, DRS set a goal to become a mid-tier defense contractor, defined by $500M in sales – notwithstanding that DRS at the time had only $58M in sales. Six years later, at the turn of the century, DRS reached the $391M sales level, and in 2004 surpassed the $1B sales mark.

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