Kratos Defense & Security Solutions said today it has acquired an 80.1 percent interest in Florida Turbine Technologies and FTT Core, which specialize in advanced turbine engines, for $60 million.
Under the terms of the deal, Kratos paid $33 million in cash and $27 million in company common stock. Kratos said it has the option to acquire the remaining 19.9 percent of FTT in the future.
FTT, based in Jupiter, FL, will be part of the Kratos Turbine Technologies division, which the company said will "be focused on the development and production of small, affordable, high-performance, jet engines for the next generation of tactical weapon systems and tactical jet unmanned aerial systems."
The KTT division will be part of Kratos' government solutions segment.
Additionally, Kratos said today it has named Stacey Rock president of the KTT division. He most recently served as senior vice president of the weapons and defense solutions business unit within Kratos' defense rocket support services division.