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General Dynamics Expand MRAP Production Facilities

General Dynamics Land Systems announec the expansion of its Mine Resistant Ambush Protected (MRAP) vehicles assembly line in its Anniston and Oxford production facilities in Alabama. The company spent about US$2.6 million improving the facilities and is hiring 270 new workers to support MRAP production. The main production facility is the 80,000 square-foot leased portion of a BR Williams-owned building in Oxford, where 220 new jobs are created. A supporting production site in Building 169, on Anniston Army Depot, will employ 50 new workers.

IAI Report Reflects Turnaround Year

Israel Aerospace Industries (IAI) raised today around US$250 million in merchantable bonds on the Tel Aviv stock exchange. It was the first time IAI is offering merchantable financial instruments on the open market. released today its financial results for the first quarter of 2007, and the entire year of 2006. The company reported a very successful results for 2006 and the first quarter of 2007, recording total sales of US$2.8 billion for 2006, up 20% from 2.34 billion in 2005. The net profit for 2006 soared 250% to $130 million (up from $2 million in 2005). In the first quarter of 2007 the company continued the profitable trend, with pre-tax profit of $60 million, compared to $24 in Q1/06.

BAE Systems to Acquire Armor Holdings for $4.1 Billion

Jacksonville based Armor Holdings Inc. (NYSE: AH) has agreed to be acquired by BAE Systems Inc. a subsidiary of UK based BAE Systems plc. BAE will take over the outstanding Armor Holdings shares in a one-step merger. BAE will allocate $4.1 billion to buy Armor's common share at $88 per share. The transaction is expected to close in the third quarter, subject to approval by Armor shareholders. Armor Holdings has grown in large measure by acquiring companies such as Stewart and Stevenson Inc., which gave Armor vehicle manufacturing capability and the ability to vie for tactical vehicle business as a prime contractor. Armor President Robert R. Schiller said the acquisition will move the company to its next phase of development. "We have no doubt that BAE Systems will place the needs of our customer and those of the men and women in uniform who depend on our products at the center of their ongoing effort," Schiller said. Goldman, Sachs & Co. Inc. and Merrill Lynch & Co. Inc. provided financial guidance to Armor, and Kane Kessler P.C. was legal counsel.
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MBDA Divests from Alkan's Commecial Aviation Activity

MBDA, the European missile systems house announced it has sold all of ALKAN’s activities in carriage systems and ground handling mechanical equipment to the ARGOS-SODITIC capital investment grou. Alkan's carriage and ground handling business represent 80% of the company’s annual turnover. The remaining 20% are related to its countermeasures activities, which MBDA will retain and re-integrated within its operations in France. According to MBDA, the divestment is part of its strategy to focus on its core business - missile systems. MBDA is jointly owned by BAE SYSTEMS (37.5%), EADS (37.5%) and FINMECCANICA (25%). The company's annual turnover is about 3 billion euros

 


 

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