24th Jun 2005 18:02
BAE SYSTEMS PLC24 June 2005 BAE Systems completes acquisition of United Defense 24 June 2005 BAE Systems today completed its acquisition of United Defense Industries Inc(United Defense), after receiving all shareholder and regulatory approvals. TheCompany announced it had entered into a definitive merger agreement to acquireUnited Defense on 7 March 2005 in a transaction valued at US$4.192 billion,(£2.25 billion). The acquisition of United Defense is a major development for BAE Systems inprogressing its strategy as the premier transatlantic aerospace and defencecompany. United Defense had sales in 2004 of US$2.292 billion. "BAE Systems is proud to welcome United Defense into the company", said MikeTurner, BAE Systems' Chief Executive. "United Defense is an excellent company,with a demonstrated record of performance, an outstanding reputation with itscustomers and a great heritage of innovation and technology. This acquisitioncreates one of the world's leading designers, manufacturers and supportproviders of land and armament systems." To enable BAE Systems to better serve its customers, the company is combiningits existing land systems activities in the UK, Sweden and South Africa withUnited Defense to form a new BAE Systems Land and Armaments business group ledby Tom Rabaut and headquartered in Arlington, Virginia, USA. BAE Systems Landand Armaments will report to Mark Ronald, President and CEO, BAE Systems Inc. BAE Systems Land and Armaments employs some 11,000 people at locations in theUS, UK, Sweden and South Africa. The acquisition of United Defense furtherincreases BAE Systems presence in the United States to nearly 35,000 employees. Issued by BAE Systems plc London This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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