Odetics ITS Buys Transportation Firm
A wholly owned subsidiary of Anaheim-based Odetics Inc. said it has completed the acquisition of San Francisco-based transportation and traffic engineering firm Meyer, Mohaddes Associates Inc.
Odetics issued 55,000 shares of its common stock and 485,000 shares of stock in its subsidiary, Odetics ITS Inc., to complete the transaction. The subsidiary specializes in developing communication technology for roadways and transportation infrastructure.
The acquisition, announced in July, will give Odetics ITS access to more research staff and broaden its engineering expertise, officials said. Odetics shares rose 50 cents Friday to $5.63.
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