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08/03/2005
BAE Systems to acquire US-based United Defense Industries
BAE Systems plc has announced that its wholly-owned US subsidiary, BAE Systems North America, is set to acquire United Defense Industries (UDI) in a $4 billion (£2.2 billion) merger deal.
The merger will see the US government become BAE's largest customer, overtaking the UK government, and promote BAE into the ranks of the world's largest defence contractors.
Commenting on the deal, Mike Turner, Chief Executive of BAE Systems, said: "UDI is a strong business with an excellent track record, outstanding growth prospects and a highly regarded management team. By combining UDI with BAE Systems' existing land systems and North American operations, our capabilities will be strengthened to the benefit of current and future US Department of Defense, UK and Swedish Ministries of Defence programmes and their respective armed forces. This global land systems business will also build on its existing strong position in export markets."
Arlington, Virginia-based UDI is a leading US defence company which in 2004 generated annual sales of $2.3 billion. It designs, develops and produces combat vehicles including the Bradley fighting vehicle, artillery systems, naval guns, missile launchers and precision munitions, used by US forces and allies.
UDI also provides non-nuclear ship repair, modernisation and conversion facilities for the US Navy and other US Government agencies.
The company employs approximately 8,000 people in 25 locations in the US and Sweden.
(SP)
The merger will see the US government become BAE's largest customer, overtaking the UK government, and promote BAE into the ranks of the world's largest defence contractors.
Commenting on the deal, Mike Turner, Chief Executive of BAE Systems, said: "UDI is a strong business with an excellent track record, outstanding growth prospects and a highly regarded management team. By combining UDI with BAE Systems' existing land systems and North American operations, our capabilities will be strengthened to the benefit of current and future US Department of Defense, UK and Swedish Ministries of Defence programmes and their respective armed forces. This global land systems business will also build on its existing strong position in export markets."
Arlington, Virginia-based UDI is a leading US defence company which in 2004 generated annual sales of $2.3 billion. It designs, develops and produces combat vehicles including the Bradley fighting vehicle, artillery systems, naval guns, missile launchers and precision munitions, used by US forces and allies.
UDI also provides non-nuclear ship repair, modernisation and conversion facilities for the US Navy and other US Government agencies.
The company employs approximately 8,000 people in 25 locations in the US and Sweden.
(SP)
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