Allied Defense Group Inc. / ADG

About Allied Defense Group Inc.

8000 Towers Crescent Dr., Suite 260, Vienna, Va. 22182
www.allieddefensegroup.com | 703-847-5268 | Founded: 1961

Industry: Aerospace/Defense | Category: Top 100 Companies

Allied Defense Group restructured last year, consolidating operations and simplifying its management structure. The board added several new members and set up a strategic review committee. The new board members included Zachary R. George, senior investment analyst for Pirate Capital, Allied Defense's largest shareholder. George resigned his position with Pirate Capital later in the year and was replaced on the Allied Defense board by Tom Hudson, managing member of Pirate Capital.
Allied Defense, which gets about 60 percent of its revenue overseas, also set up a business development unit to expand its work with the U.S. government.
The company hired outside experts to help improve the day-to-day financial management of its Belgian subsidiary, Mecar. An error in contracting accounting at the subsidiary caused the company to announce it would have to restate its financial results for the three- and nine-month periods ended Sept. 30, 2006.
Allied Defense reported receiving letters from two of its creditors claiming it was in default of its lending agreements. The company disagreed and said it is talking with the creditors. Earlier in the year, the company restated results for 2003 through 2005 because of certain errors related to foreign currency translation.
Last year, the Army extended the company's contract to provide and maintain a surveillance system for soldiers in Iraq that includes fixed and mobile surveillance systems. Allied Defense also announced it had received a $600,000 classified contract to provide surveillance equipment for ongoing mission requirements.

Chairman: J.H. Binford Peay III

Chairman: J.H. Binford Peay III

2007 Financial Data

Total employees: 600 | Local employees: 16