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Leonardo DRS, Inc. is a United States–based defense contractor and a subsidiary of the Italian aerospace and defense company Leonardo S.p.A. Originally founded as DRS Technologies, Inc. and traded on the NYSE, it was acquired by Leonardo’s predecessor Finmeccanica in 2008. Leonardo DRS provides advanced defense technologies and systems primarily to the U.S. military.
DRS went public in 1981 and acquired its first company in 1984. By 1994, DRS set a goal to become a mid-tier defense contractor, defined by $500 million in sales – notwithstanding that DRS at the time had only $58M in sales. Six years later, at the turn of the century, DRS reached the $391 million sales level, and in 2004 surpassed the $1 billion sales mark.DRS Connections, May 2007 Special Edition #12 (the company's internal newsletter)
DRS was acquired by the Italian conglomerate Finmeccanica S.p.A. (now Leonardo S.p.A.) in 2008. In 2012, former United States Deputy Secretary of Defense, William J. Lynn III was appointed CEO of Finmeccanica North America DRS, replacing Mark Newman, who held the position since 1994.
In June 2022 the US subsidiary of the Italian defense conglomerate Leonardo, Leonardo DRS, agreed to an all share acquisition of the US subsidiary of RADA Electronic Industries. The new Leonardo subsidiary will be listed on the Nasdaq and Tel Aviv stock exchanges under the name DRS with RADA shareholders keeping 19.5% of the combined business and Leonardo holding the remainder.
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