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Chemring To Acquire Mine Detection Firm NIITEK

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Britain's Chemring Group PLC this week said it has conditionally agreed to acquire Non-Intrusive Inspection Technology, Inc. (NIITEK) for $30 million in a deal that would further expand its presence in the United States and position it in the mine detection technology market. Terms of the deal include additional consideration of up to $10 million for a working capital adjustment and performance payments. The performance payments are contingent on NIITEK securing a significant production order for its first product and…

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