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Date: Tuesday 07 Oct 2008

LONDON (ShareCast) - Military decoy specialist Chemring has conditionally agreed to buy Non-Intrusive Inspection Technology Inc (NITEK) for as much as $40m (£22.5m).

It will pay $30m (£16.9m) in cash for the Virginia-based firm, plus a working capital adjustment, and deferred contingent consideration of up to $10m (£5.6m).

NITEK develops robot and vehicle-mounted mine detection systems incorporating its advanced Ground Penetrating Radar (GPR) and metal detection technologies.

Its core R&D business has been funded by the US Army to develop its mine detection technology and the group’s first product is now ready for production.

Chemring said NITEK expects to receive “significant” production orders for this system.

• News Channel