Menu
04/07/2003
BAE signs £2.6bn partnership agreement
BAE Systems and Italian defence firm Finmeccanica Spa have signed an agreement to bring together their European defence electronic systems activities in a deal worth £2.6 billion.
The new partnership – Eurosystems – establishes a Strategic Coordination Committee (SCC) and three majority controlled Joint Ventures, each with operational control of its business.
Richard Evans and Pierfrancesco Guarguaglini, the Chairmen of the respective parent companies, said in a joint statement today: "Our companies have shared objectives in a desire to improve their performance in the market, establish businesses that address the trend towards integrated systems and enhance their operational effectiveness.
"The [agreement] we have signed today provides the framework to achieve these objectives. Much detailed work remains to be done before the new companies are operational but we are confident that we will create companies that will meet our customers' requirements and provide opportunities for profitable growth."
BAE Systems is an international company engaged in the development, delivery and support of advanced defence and aerospace systems.
The company designs, manufactures and supports military aircraft, surface ships, submarines, radar, avionics, communications, electronics and guided weapon systems.
BAE System has major operations across five continents and customers in some 130 countries. The company employs more than 100,000 people and generates annual sales of approximately £12 billion through its wholly-owned and joint venture operations.
Finmeccanica is Italy's second-largest manufacturing company and its leading high-tech company.
The group operates primarily in the aerospace and defence sectors, but also has experience in sectors such as rail transport, energy and IT.
Finmeccanica's aerospace and defence activities account for around 70% of consolidated sales, and employ more than 32,000 staff. Finmeccanica also invests around 1 billion euro a year (or 13% of its value of production) in advanced technology, notably dual technologies.
(GMcG)
The new partnership – Eurosystems – establishes a Strategic Coordination Committee (SCC) and three majority controlled Joint Ventures, each with operational control of its business.
Richard Evans and Pierfrancesco Guarguaglini, the Chairmen of the respective parent companies, said in a joint statement today: "Our companies have shared objectives in a desire to improve their performance in the market, establish businesses that address the trend towards integrated systems and enhance their operational effectiveness.
"The [agreement] we have signed today provides the framework to achieve these objectives. Much detailed work remains to be done before the new companies are operational but we are confident that we will create companies that will meet our customers' requirements and provide opportunities for profitable growth."
BAE Systems is an international company engaged in the development, delivery and support of advanced defence and aerospace systems.
The company designs, manufactures and supports military aircraft, surface ships, submarines, radar, avionics, communications, electronics and guided weapon systems.
BAE System has major operations across five continents and customers in some 130 countries. The company employs more than 100,000 people and generates annual sales of approximately £12 billion through its wholly-owned and joint venture operations.
Finmeccanica is Italy's second-largest manufacturing company and its leading high-tech company.
The group operates primarily in the aerospace and defence sectors, but also has experience in sectors such as rail transport, energy and IT.
Finmeccanica's aerospace and defence activities account for around 70% of consolidated sales, and employ more than 32,000 staff. Finmeccanica also invests around 1 billion euro a year (or 13% of its value of production) in advanced technology, notably dual technologies.
(GMcG)
Related UK National News Stories
Click here for the latest headlines.
08 April 2004
1,000 jobs to go at BAE Systems
Up to 1,000 jobs are set to be axed by the defence giant BAE Systems, the BBC has reported today. The jobs will be cut at two BAE Systems' plants in Lancashire – Warton and Samlesbury. The factories, which produce parts for military aircraft, will see a headcount loss of 500 this year followed by 500 next year.
1,000 jobs to go at BAE Systems
Up to 1,000 jobs are set to be axed by the defence giant BAE Systems, the BBC has reported today. The jobs will be cut at two BAE Systems' plants in Lancashire – Warton and Samlesbury. The factories, which produce parts for military aircraft, will see a headcount loss of 500 this year followed by 500 next year.
30 November 2006
UK forces to receive festive 'thank you'
Members of the UK armed forces deployed overseas during the Christmas period are to receive Christmas boxes of gifts, Under Secretary of State Derek Twigg has announced.
UK forces to receive festive 'thank you'
Members of the UK armed forces deployed overseas during the Christmas period are to receive Christmas boxes of gifts, Under Secretary of State Derek Twigg has announced.
16 December 2005
Royal Navy set to launch 'D' Class destoyer
The Countess of Wessex will launch the first of the Royal Navy's new 'D' Class destroyers early next year. HMS Daring, the seventh vessel to carry the name, will be the first of the Royal Navy's batch of Type 45 air defence destroyers.
Royal Navy set to launch 'D' Class destoyer
The Countess of Wessex will launch the first of the Royal Navy's new 'D' Class destroyers early next year. HMS Daring, the seventh vessel to carry the name, will be the first of the Royal Navy's batch of Type 45 air defence destroyers.
12 December 2005
Countess of Wessex to launch Type 45 destoyer
The Countess of Wessex will launch the first of the Royal Navy's new 'D' Class destroyers early next year. HMS Daring, the seventh vessel to carry the name, will be the first of the Royal Navy's batch of Type 45 air defence destroyers.
Countess of Wessex to launch Type 45 destoyer
The Countess of Wessex will launch the first of the Royal Navy's new 'D' Class destroyers early next year. HMS Daring, the seventh vessel to carry the name, will be the first of the Royal Navy's batch of Type 45 air defence destroyers.
25 January 2012
Military Theft Increasing
A parliamentary committee has reported that theft within the military is steadily increasing, while also reporting that the MoD's accounts were "unsatisfactory".
Military Theft Increasing
A parliamentary committee has reported that theft within the military is steadily increasing, while also reporting that the MoD's accounts were "unsatisfactory".
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
