Savage-based Milestone AV Technologies announced Wednesday that it has agreed to purchase Warsaw, Indiana-based Da-Lite Screen Company for $202.5 million.

Under the agreement, which is expected to close in the next 30 days, Milestone will assume $94.2 million of Da-Lite's debt.

Once the deal closes, the companies will have a total of about 1,000 employees and eight locations worldwide. Milestone spokesman Al Galgano said that he did not have exact employee numbers for each company, but Milestone accounts for slightly more than half of the total.

Da-Lite was founded in 1909 and manufactures commercial and residential projection screens. Following the close of the deal, the company will operate as a wholly owned subsidiary of Milestone. It will retain its name and headquarters in Warsaw, Indiana, and its current president, Richard Lundin, will continue to lead the subsidiary.

“Through the strength of this combination, we will be able to offer a more comprehensive product line to our joint customers, open up new sales channels for our brands, and provide growth opportunities for our employees,” Scott Gill, CEO of Milestone, said in a statement. “We look forward to expanding our reputation for innovative products and market-leading customer service.”

Milestone provides mounting and display solutions for various audio-visual technologies. It was formed in 2004 from the merger of Chief Manufacturing and Sanus Systems. In May 2008, the company became a wholly owned company of The Duchossois Group. The Duchossois Group is a privately-held diversified company headquartered in Elmhurst, Illinois, a suburb of Chicago.