Published: October 14, 2008 10:45 pm      

DRS merger awaits approval

Leaders of DRS Technologies and Finmeccanica S.p.A. were in Johnstown Tuesday and were confident that they have reached a major milestone in the approval process of their pending merger.

Top executives from both companies could be seen boarding separate Learjets at John Murtha/Cambria County Airport.

Among those boarding the planes were Mark Newman, CEO of DRS Technologies, and Pier Francesco Guarguaglini, CEO of Finmeccanica, an Italian defense contractor.

The leaders were meeting at DRS Laurel Technologies. Management from the local DRS facility was mum as to the nature of the visit.

According to one source, the two companies were expecting to receive federal government approval Tuesday of the

$5.2 billion merger.

The approval process has required special government attention because it involves a foreign company purchasing a U.S. defense company.

The companies first announced in May that they had entered into a definitive merger agreement. DRS officials have repeatedly assured that the transaction will have no negative impact on its local operations.

A formal announcement of the regulatory approval was expected as early as Tuesday.