Today in our defence news we feature a Press Release from BAE Systems selling off another component aspect of their business. BAE Systems is a global defense and aerospace company, delivering a full range of products and services for air, land, and naval forces, as well as advanced electronics, information technology solutions, and customer support services. BAE Systems, with 88,000 employees worldwide, had 2006 sales that exceeded $25 billion. For the full press article please read on:
The Inertial Products business supplies military and commercial customers inertial sensors and measurement units for the control, navigation and guidance of fixed- and rotary-winged aircraft, precision weapon systems, missiles, unmanned aerial vehicles, aerial targets and drones, tanks and fighting vehicles. It has approximately 810 employees at sites in Cheshire, Connecticut; Heath, Ohio; Wayne, New Jersey; and Plymouth, U.K. The sale also includes BAE Systems’ share of Silicon Sensing Systems, a joint venture between BAE Systems and Sumitomo Precision Products that is based in the U.K. and Japan.
The transaction, for consideration of $140 million cash subject to customary post-closing adjustments, is expected to occur within 60 days following receipt of regulatory approvals.
The sale is consistent with BAE Systems’ strategy to expand as a developer and integrator of systems and de-emphasize its role as a components provider.
Posted by thecabledirectory
