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Defense Markets Summary
October 2007 (past reports)

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Boeing, Textron Systems Team up for JLTV

Boeing Company [NYSE: BA] and Textron Inc. [NYSE: TXT] announced a teaming agreement to compete for the Joint Light Tactical Vehicle (JLTV) program for the supply of future tactical vehicles for the U.S. Army and U.S. Marine Corps. In the near term the cooperation spans over technology demonstration and system development expanding to future production, if the team will win the program. The team will benefit from Boeing's vast program management and system integration experience. Although the specific requirements for the JLTV have not been released yet, the baseline vehicle is expected to include significantly more sophisticated systems, compared to current tactical and utility vehicles. It will be delivered as 'network ready', and at least some variants are believed to be powered by modern hybrid electric drive systems which could also operate as power generators. The JLTV system is a family of vehicles intended to replace the High Mobility Multi-purpose Wheeled Vehicle (HMMWV).

Lockheed Martin Expands Its Armored Vehicles Offering Through Teaming with Patria

10/18/2007: Lockheed Martin (NYSE:LMT) and Patria announced today a teaming agreement to offer the US Marine Corps Patria's Advanced Modular Vehicle (AMV) to compete for the Corp's next generation armored troop carrier known as Marine Personnel Carrier (MPC). The service is expected to release a request for proposals during the second quarter of 2008. Lockheed has expanded its military vehicle offering with the recent introduction of a company funded, production ready JLTV technology demonstrator, as well as prime movers and command vehicles for the USMC, and a rocket carrier and an improved Warrior combat fighting vehicle, both considered for future British army programs.

Textron Forecasts 13% Growth for 2007. Further Synergy to be gained from entry into the UAV Market by UIC Acquisition

Textron Inc. (NYSE: TXT) reported today (Oct 18, 2007) a strong third quarter with 15% year-over-year revenue growth as income from continuing operations increased to $0.95 per share, compared to $0.68 in the third quarter of 2006 demonstrating 40% increase in earnings per share. The company's helicopter and government business (Bell helicopters and Textron Systems divisions) increased $121 million in revenue during the quarter, reflecting some $108 million government sales, particularly strong V-22 and H-1 sales, armored vehicles and intelligent battlefield systems sales.

Earlier this month Textron Inc. (NYSE: TXT) announced that it has reached a definitive agreement to acquire United Industrial Corporation (NYSE: UIC) in a cash transaction valued at approximately $1.1 billion. UIC is the holding company of AAI Corporation a UAV specialist which projected an annual turnover of about $700 million for 2007. The new operation is expected to further benefit from Textron's recent acquisition of software maker Overwatch Systems, which now provides essential building blocks for its precision engagement strategy. AAI is the prime contractor for the US Army One System unified ground control system controlling all US Army's unmanned systems while Textron Systems is the provider of the Army's new unattended sensors and intelligent munitions, considered to be a major element in the Army's Future Combat Systems strategy.

New Investment Firm Targets Aerospace and Transportation Growth Opportunities

The new investment firm Nexa Capital Partners, LLC ( began operating today, targeting " high-growth, transformational opportunities" for investment in the aerospace and transportation market worldwide. The company is led by Michael J. Dyment, former Managing Director, Vice President, and Partner of PricewaterhouseCoopers, AT Kearney and Arthur Andersen, and Justin P. Oberman, former Assistant Administrator of the Transportation Security Administration (TSA). Expecting the aerospace and transportation sectors to undergo extraordinary and fundamental changes over the next twenty years, Dyment positioned Nexa to take advantage of these changes, and "along the way building enterprise value for our investors and our aerospace and transportation clients". Their current portfolio includes several promising holdings, including Primair Inc. and TraceGuard Technologies. Nexa facilitates financing through the firm’s network of hedge funds, private equity firms and venture capitalists. The company’s business model includes plans to take direct equity stakes in selected companies.

Thales UK and Boeing Selected to Lead FRES System of Systems Integration

The United Kingdom Ministry of Defence (MoD) selected a team led by Thales UK and Boeing [NYSE: BA] (through its Boeing Defence UK subsidiary) to lead the System of Systems Integration (SOSI) of the Future Rapid Effect System (FRES) program. Boeing is also the prime contractor of the US Army Future Combat Systems program which, in some aspects, particularly in the overall system of systems approach, has similarities to the British FRES effort.



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