Sensor manufacturer Axsys Technologies — which has a Cullman location that employs approximately 230 people — has been sold to General Dynamics for $54 per share. The total cost of the agreement is estimated at $643 million.

In an internal letter to employees obtained by The Times, Axsys Chairman and CEO Stephen Bershad said the move is not expected to lead to any major changes at Axsys locations.

“Once the transition is complete, we anticipate no significant changes to day-to-day responsibilities for the vast majority of Axsys employees,” Bershad said. “While the integration plans are not yet in place, preliminary indications are that Axsys will operate as it is currently structured within the General Dynamics Advanced Information Systems organization. If anything, this acquisition will provide additional career development and advancement opportunities for Axsys employees.”

Cullman Economic Development Agency Director Peggy Smith said she is hopeful the sale will be a good thing for Cullman county.

“Right now I’m very encouraged,” she said. “Our research does indicate that General Dynamics is a large, well respected company. We’re very hopeful that continued growth will apply to the Cullman facility and that there will be more opportunities for our local Axsys employees.”

Julie Oakes, Axsys Technologies director of investor relations, said the purchase should help Axsys continue to prosper.

“Integration plans have not yet been finalized, but its my understanding they bought Axsys to grow the business,” she said.

General Dynamics President Lou Von Thaer said the purchase should help strengthen General Dynamics’ place in the global market.

“Axsys Technologies delivers innovative, high-value products in a market segment that is strategic for General Dynamics,” he said via press release. “Adding Axsys Technologies’ capabilities to our existing intelligence, surveillance and reconnaissance expertise will enable us to further strengthen our portfolio of offerings … In addition, we look forward to maintaining and strengthening relationships with Axsys Technologies’ existing customers, expanding and diversifying the technical products that General Dynamics is able to offer and pursuing new markets through collaboration among the product experts at each company.”

The acquisition has been approved by boards of directors at both Axsys Technologies and General Dynamics. The deal is expected to close during the third quarter of the year, and is subject to normal regulatory approvals as well as approval by Axsys Technologies’ shareholders, according to a press release.

Conneticut-based Axsys employs approximately 1,000 workers in five states, designing and developing surveillance cameras, imaging systems, sensors and related motion control technologies. Defense company General Dynamics, based in Virginia, employs approximately 92,900 people worldwide. The Axsys location in Cullman was established in 1968 and is located at 6717 Al Highway 157, Cullman, AL 35057.

‰ Trent Moore can be reached by e-mail at trentm@cullmantimes.com, or by telephone at 734-2131, ext. 225.