Shipbuilding company Austal Ltd
(ASX:ASB) has announced that it has bought a Canberra-based company called Australian Technology Information (ATI) Pty Ltd.
ATI is a company that provides specialised services to the Australian Defence Forces including systems engineering and integration, information technology, verification and validation systems and deployable tactical command centers.
While the value of the transaction has not been revealed, Chairman John Rothwell says this is a strategic acquisition which further enhances Austal's capability as a defense prime contractor.
Austal is also currently reviewing the terms of a Littoral Combat Ship contract for the US Navy, and has put its shares into a trading halt pending an announcement due tomorrow. Austal improved its net profit to $37.13 million in fiscal 2010, up from $9.17 million the year before.
