Published: May 10, 2008 11:04 pm      

Italian firm eyeing DRS, according to report

Officials from DRS Technologies, Inc. are tight-lipped regarding emerging reports that it may be acquired by an Italian aerospace and defense company.

The Wall Street Journal reported late last week that Finmeccanica SpA, Italy’s largest defense company, is in advanced negotiations to acquire New Jersey-based DRS.

More than 800 DRS workers, nearly 10 percent of the company’s workforce, are located at its Laurel Technologies facility in Richland Township. Officials from the local site reached on Saturday had no comment.

DRS officials corporate wide have been mum on the topic. The company’s only response was a two-sentence statement issued on its Web site.

The statement read that the company is “contemplating a potential strategic transaction,” but “there is no assurance that any agreement will be reached.”

Matt Mazonkey, a spokesman for U.S. Rep. John Murtha, D-Johnstown, said on Saturday that the congressman’s office has contacted DRS regarding the situation.

Mazonkey said that DRS officials had little additional information to share with the congressman. But he said that a potential acquisition by Finmeccanica could be a positive development for DRS and its Johnstown operation.

“Finmeccanica is bigger than DRS,” Mazonkey said. “Its revenues are about four times as much as those of DRS.

“It’s too early to comment on what this means other than what we’re hearing is that Finmeccanica has the potential to expand business in the United states which we hope would mean more work for Johnstown.”