Archer Aviation (ACHR) Announces 2 Strategic Acquisitions

Archer Aviation Inc. (NYSE:ACHR) is one of the Reddit Stocks with the Highest Upside Potential. On August 7, the company announced 2 strategic acquisitions to accelerate the development of next-generation defense aircraft. The company acquired a patent portfolio and hired key employees from Overair, a spin-off of Karem Aircraft. Archer Aviation Inc. (NYSE:ACHR) also acquired key composite manufacturing assets and a ~60,000 square foot manufacturing facility from Mission Critical Composites, which is a specialized defense composite manufacturer in Southern California.

Notably, these assets allow Archer Aviation Inc. (NYSE:ACHR) to bring core composite fabrication capabilities in-house, aiding the defense program’s needs for rapid prototyping and iteration. Notably, both acquisitions come on the back of robust industry momentum amidst the recent announcement of a budget request allocation by the Pentagon of $13.4 billion for autonomous military systems. The acquisitions build on Archer Aviation Inc. (NYSE:ACHR)’s earlier announcement of a strategic alliance with Anduril focused on co-developing hybrid, autonomous VTOL military aircraft.

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Disclosure: None. This article is originally published at Insider Monkey.