By Morris Fraser, Northwest Florida Daily News, Fort Walton Beach Knight Ridder/Tribune Business News
Dec. 28--Manufacturing Technology Inc. (MTI), a Fort Walton Beach-born defense contractor, was sold Monday to MTC Technologies of Dayton, Ohio, for about $61 million.
Paul Hsu, who founded MTI in 1984 and was its chairman, said Monday, "It's a big day. My goal is to preserve the family-style corporate environment. We have done that." The sale price is $75 million in cash to MTI shareholders, less about $14 million in net present value of income tax benefits.
The agreement must receive government approval under antitrust laws. It is expected to be finalized in late January.
MTC will take full control of MTI, which will retain its name. MTI will be a division under MTC's Air Forces Group.
More importantly to Hsu, MTI will retain its employee base.
"All wages and salaries will …