An international corporation located in Central New York is being purchased by a company based in Sweden.
According to a joint statement, defense and security company Saab AB has reached a $155 million agreement to acquire the Sensis Corporation. Sensis is based in Central New York, with global headquarters in East Syracuse.
Sensis is a global provider of air traffic management solutions and defense and security systems, with 600 employees worldwide.
Saab AB President and CEO Hakan Buskhe says the deal will be beneficial, since Sensis has "complimenting product lines and is well-positioned on several key markets".
The corporations have also agreed to a potential maximum earn-out payment of $40 million by 2014, bringing the total agreement to $195 million.
Sensis will continue to operate in the U.S. as a wholly owned subsidiary of Saab Group, and will retain its offices in Central New York. The deal is pending approval and is expected to be completed by the end of 2011.