DRS Technical Services Inc history

1986 DRS acquires Photronics, a leader in electro-optics technology used in United States Army, Navy and Air Force weapon fire-control and guidance systems, optical test and boresighting equipment.

The first sub in the class USS Seawolf (SSN 21) is commissioned in 1989.Future DRS joint venture, Advanced Acoustic Concepts is launched, providing undersea warfare solutions.

However, delay in authorizing the production component of the contract caused revenues to slip from $70 million to $58 million in fiscal 1990, producing a loss of $11 million.

1991 DRS wins major contracts for Navy mission recorder systems and sonar assemblies as well as Army contract for Apache helicopter boresight equipment.

1992 DRS forerunner Metric Systems in Fort Walton Beach, Florida is awarded TOW (tube-launched optically-tracked wire-guided) missile launcher contract.

1993 DRS begins acquisition of elements of CMC Technology, a unit of Eastman Kodak Company and a leader in magnetic video recording technology.DRS wins contracts for Navy sonar on-board trainer systems and display technology.

Mark Newman, son of the founder, became company president and CEO in 1994, when annual revenues were $60 million, and was named chairman the next year upon his father's retirement.

Vikron Inc. of St Croix Falls, Wisconsin was acquired in June 1996.

Diagnostic/Retrieval Systems Inc. (DRS) began doing business under the name of DRS Technologies Inc. on March 31, 1997 and officially changed its name on August 8, 1997.

Revenues reached $273 million in 1998; by then, DRS had 2,100 employees.

The tape head businesses in Wisconsin and Bulgaria were sold off in 2000.

2001 DRS completes acquisitions of Boeing’s electro-optical uncooled technology and Lockheed Martin’s electro-mechanical units, catapulting the company to more than $500 million in annual sales eight years after establishing that target as a measurement to be a leading defense mid-tier company.

The company bought the unmanned aerial vehicle (UAV) business of Meggitt PLC in April 2002.

In February 2003, DRS bought Power Technology Inc., the supplier of power and propulsion systems for the new DD(X) series destroyer.

2004 DRS wins contracts to provide family of next-gen thermal weapon sights.DRS systems are installed on Virginia-class attack submarines.

2005 DRS completes acquisition of Engineered Support Systems, a provider of technical and logistics support services.DRS provides next-gen air combat training equipment for all of the United States military.

2007 DRS is selected to provide joint tactical terminals to the Army and infrared search and tracking systems for Canadian and Australian tanks and armored fighting vehicles.

2008 DRS Technologies is acquired by Italian aerospace and defense company Finmeccanica.

2014 DRS is awarded contract for overhaul of Air Force Tunner aircraft cargo loader.Company launches Polaris, its newest, smallest and most powerful tactical radio frequency tuner.