U.S. Kratos Defense buys $60 mln stake in Florida Turbine and FTT Core

U.S. advanced engineering to security and surveillance company Kratos Defense & Security Solutions Inc. has bought a stake in Florida Turbine Technologies Inc., gas turbines to propulsion components developer, and FTT Core LLC,  turbomachinery systems and components developer.

Kratos Defense & Security paid $60 million for an 80.1 percent interest in Florida Turbine Technologies and FTT Core. The total amount consists of $33 million in cash and $27 million in Kratos common stock.

Kratos Defense & Security has an option to buy the remaining 19.9 percent of FTT Core LLC at a future date.

The transaction is expected to advance FTT’s small engine development programs and facilitate the integration of these engine solutions with the evolving Kratos tactical systems.