Archive: Business/Financial

BAE SYSTEMS Acquiring Services Provider MTC Technologies

Britain’s BAE SYSTEMS last month said it has agreed to acquire MTC Technologies, Inc., [MTCT] in a $450 million deal that gives it access to new customers in the Defense Department for technical solutions and services. BAE will pay $24 in cash for each share of MTC’s common stock and assume net debt of $81 […]

Northrop Grumman Ship Systems Launches USS

The future USS New York (LPD-21), the fifth ship of the San Antonio-class of amphibious ships, was launched last month from Northrop Grumman [NOC] Ship Systems in Avondale, La., the company said. Throughout 2008, Northrop Grumman will continue to complete this 684-foot-long warship. Key milestones such as electrical generator, combat systems, and main engine light-offs […]

Boeing Signs 10-Year MoU With Hindustan Aeronautics Ltd.

Boeing [BA] and India’s Hindustan Aeronautics Limited (HAL) announced Dec. 20 signing a 10-year Memorandum of Understanding (MoU) intended to bring more than $1 billion of new aerospace manufacturing work to India. The agreement, signed in New Delhi by Jim Albaugh, president and CEO of Boeing Integrated Defense Systems, and Ashok Baweja, chairman of HAL, […]

Morocco Spending $2.6 Billion For Aircraft, Equipment

Morocco is looking to spend upward of $2.4 billion for 24 F-16C/D Block 50/52 aircraft as well as associated equipment and services, according to the Defense Security Cooperation Agency (DSCA). Besides the 24 F-16s, which will be equipped with either the F100-PW-229 or F110-GE-129 increased performance engines and APG-68(C)9 radars, Morocco is seeking: five F100-PW- […]

BAE SYSTEMS Selling Electronic Warfare Unit To Cobham

BAE SYSTEMS recently said it has agreed to sell its Pennsylvania-based Surveillance and Attack business to Cobham plc, for $240 million in cash as it de- emphasizes its role as a subsystem provider. The deal is expected to close in the first quarter of 2008. Both BAE and Cobham are headquartered in the United Kingdom […]

ITT Completes Purchase of EDO

ITT Corp. [ITT] yesterday completed its acquisition of EDO Corp. for $1.7 billion, which includes the assumption of debt, giving it a range of new aerospace and defense capabilities. The deal was expected to close early next year. EDO gives ITT new capabilities in counter-improvised explosive device systems and technology, weapons release systems, anti-submarine warfare, […]

Northrop Grumman, L-3 Partner On Navy’s EPX Solicitation

Northrop Grumman [NOC] has submitted a proposal with L-3 Communications [LLL] for the U.S. Navy’s EPX aircraft program that will provide a transformational, multi-intelligence capability delivering strike targeting information to the warfighter, Northrop Grumman said. The proposal was submitted in response to a broad agency announcement (BAA) issued in November that solicited bids to develop […]

United Kingdom Requests 170 MRAP Vehicles

The Defense Security Cooperation Agency (DSCA) Dec. 17 notified Congress of a possible $147 million Foreign Military Sale to the United Kingdom of Mine Resistant Ambush Protected (MRAP) vehicles as well as associated equipment and services. The United Kingdom has requested a possible sale of 170 Mine Resistant Ambush Protected (MRAP) Category II vehicles, tools […]

Boeing Forms New Intel Division To Serve Government Customers

Boeing [BA] formed a new Intelligence and Security Systems (I&SS) division to provide ground-based and other integrated intelligence and security solutions for U.S. government customers, the company said yesterday. Retired Navy Rear Adm. Steve Oswald, a former astronaut who has served for six years as a Boeing executive, was named vice president and general manager […]

Switzerland To Spend $535 Million On F/A-18C/D Upgrades

Switzerland is looking to spend $535 million for the sale of "Upgrade 25 Program" equipment to enhance survivability and communications connectivity and to extend the useful life of 33 Swiss Air Force (SAF) F/A-18C/D aircraft, the Defense Security Cooperation Agency (DSCA) reported. This phase of the F/A-18C/D "Upgrade 25 Program" will include: 20 AN/ASQ-228A(V) Advanced […]