5th Mar 2008 17:17
BAE SYSTEMS PLC05 March 2008 BAE SYSTEMS AGREES TO SELL FLIGHT SYSTEMS BUSINESS 5 March 2008 BAE Systems today signed a definitive agreement to sell its Flight Systemsbusiness, based in Mojave, California, to Calspan Corporation. The cash purchase price is $62.5 million plus additional consideration to bepaid pursuant to an earn-out mechanism by reference to the revenues of thebusiness over the next 5 year period. The transaction is subject to the receiptof regulatory approvals and to receipt of financing by Calspan. Flight Systems, with approximately 170 employees, performs aircraftmodification, aircraft operations, flight tests, and aerial full-scale targetsproduction for military and commercial customers. It also has operations inFlorida and Germany. Issued by:BAE SystemsLondon This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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