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Boeing to buy Insitu for undisclosed terms

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By AP
22 July 2008 @ 06:50 pm EST

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ST. LOUIS - Boeing Co. said Tuesday it will acquire aircraft design and development company Insitu Inc. for undisclosed terms to help boost its presence in the unmanned systems market.

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39.58

2.47

The purchase is expected to close by the end of September, following regulatory approval.

Boeing said the purchase does not affect its outlook and said Insitu will operate as a separate subsidiary.

Insitu is based in Bingen, Wash. The company designs, develops and manufactures unmanned air systems, or aircraft that operates without a pilot, for commercial and military applications.

Shares of Boeing rose $1.02 to end at $69.26 Tuesday.

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