Frequency Electronics [AMEX: FEI] has acquired the business and net assets of Zyfer, a Anaheim, Calif.-based subsidiary of Odetics [Nasdaq: ODETA], in a $2.3 million cash transaction. Mitchel Field, N.Y.-based Frequency Electronics also will make incentive payments to Odetics based upon Zyfer’s revenue growth during the next two fiscal years.

Hugo Fruehauf has been named president, CEO and CTO of Frequency Electronics’ new subsidiary, FEI-Zyfer. Zyfer manufactures Global Positioning System technology and receives 50 percent of revenues from the U.S. government.