Armor Holdings Seeks More Control Over Future Through Acquisition.

Defense Daily | February 28, 2006| | Copyright

By Calvin Biesecker

In a surprise, Armor Holdings [AH] yesterday said it has agreed to acquire Stewart & Stevenson [SVC], the Army's supplier of medium trucks, in a deal that gives it a whole new business line and also more control over a portion of its future vehicle armoring business.

Armor Holdings will acquire Stewart & Stevenson's stock for $35 per share, amounting to a deal value of $755 million after deducting the truck maker's cash balance of $312 million.

"We believe this opportunity to become a prime contractor within the military's ...

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