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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