SA News • Tue, Dec. 9
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Tue, Dec. 9, 7:16 AM
- Australian Finance Minister Mathias Cormann has asked BAE Systems (OTCPK:BAESY), Navantia and Raytheon (NYSE:RTN) Australia to increase their roles in the country's troubled A$8.5B warship building program to drive immediate improvements in shipbuilding performance.
- Australia's Air Warfare Destroyer project has been impaired by long delays and costly blowouts. An auditor's report earlier this year found that local shipyards were not fully prepared to take on the complex work.
Thu, Nov. 20, 10:38 AM
- DARPA has awarded BAE Systems (OTCPK:BAESY -0.5%) a $3.2M contract to develop a new framework of jam-resistant networked communications as part of the Communications in Contested Environments program.
- The new contract comes on the heels of a £365M defense contract awarded to the aerospace company yesterday, to upgrade the radar for the Eurofighter Typhoon combat jet.
Fri, Nov. 14, 7:07 AM
- In the latest twist to South Korea-BAE Systems (OTCPK:BAESY) drama, BAE has filed suit in a U.S. federal court to block Seoul's demand that the company pay $43.26M for costs incurred in the now-canceled program to upgrade its F-16 fighter jets.
- BAE is asking the judge to agree that the bond was nullified when the U.S. government decided to negotiate the F-16 upgrades as a foreign military sale, rather than a direct commercial sale between South Korea and BAE.
- Previously: South Korea cancels F-16 upgrade deal
Thu, Nov. 6, 6:58 AM
- South Korea has cancelled a preliminary contract with the U.S. unit of Britain's BAE Systems (OTCPK:BAESY) to upgrade 134 F-16 fighter jets, ending a deal that would have been worth well over $1B.
- "Unfortunately, the program was impacted by Korea's strict budget limitations and the U.S. Air Force's conservative approach to the overall program cost," says company spokesman Brian Roehrkasse.
- South Korea in October said it could cancel the project and seek a different contract after the U.S. Air Force told Seoul the projected cost of 1.75T won ($1.7B) could rise by 800B won.
- Previously: BAE systems contract to upgrade Korean F-16s at risk
Wed, Oct. 29, 6:49 AM
- BAE Systems' (OTCPK:BAESY) U.S. unit says the U.S. Air Force has stopped some of its initial work on a project to upgrade South Korea's F-16 fighter jets amid ongoing talks about the second phase of the project.
- "We remain concerned about the lack of progress in the negotiations between the Republic of Korea and the U.S. Air Force on the KF-16 upgrade program that has now resulted in a partial stop work order," says BAE spokesman Brian Roehrkasse.
- Previously: BAE systems contract to upgrade Korean F-16s at risk
Tue, Oct. 21, 9:34 AM
- South Korea warned that it could cancel a planned $1B+ deal for BAE Systems (OTCPK:BAESY) to upgrade its F-16 fleet and may seek a different contractor if talks with the company do not proceed smoothly.
- The contract, which BAE Systems won in 2012, has run into trouble after the U.S. Air Force added on significant risk "reserves" to proposed costs.
- While BAE has been on cost and schedule for the initial $140M development contract of upgrades, the U.S. government has warned South Korea that the projected cost of 1.75T won ($1.7B) could rise by 800B won.
- The company has assured Seoul that it would cover any cost overruns on its part of the contract, and that the projected cost increase was based on false assumptions, Reuters reports.
Tue, Oct. 21, 7:12 AM
- BAE Systems (OTCPK:BAESY) says it will buy U.S.-based company SilverSky in a $232.5M deal to boost its exposure to the commercial cyber security market.
- "The enlarged business will offer corporate clients a suite of products and services to protect critical information and networks and detect cyber threats and financial crime," announces BAE's chief executive Ian King.
- The company says the acquisition, which it will fund from existing cash resources, will be accretive to earnings in the third year following closing.
Mon, Oct. 6, 10:04 AM
- BAE Systems (OTCPK:BAESY +0.7%) has received a $153.6M contract from the U.S. Army to convert 53 M88A1 recovery vehicles to the M88A2 Heavy Equipment Recovery Combat Utility Lift Evacuation System (HERCULES) configuration.
- The contract continues the U.S. Army’s program to pure-fleet its M88s to the HERCULES variant. To date, BAE Systems has converted nearly 650 U.S. Army M88 vehicles.
Fri, Sep. 19, 8:10 AM
- Lockheed Martin (NYSE:LMT) is narrowing in on a ~$4B deal with the Department of Defense for 43 more F-35 fighter jets that will lower the cost of the jet's airframe by 2-4%.
- The government buys the jets' engines separately from Pratt & Whitney, which said this week that contracts for the seventh and eighth batches of its F135 engines will result in prices 7.5%-8% cheaper than the firm's last purchase.
- Other initiatives are also being worked on to lower the plane's costs, including changes in manufacturing and "block buys" by some foreign countries with pending orders.
- Lockheed is also investing $170M in cost-cutting measures with suppliers BAE Systems (OTCPK:BAESY) and Northrop Grumman (NYSE:NOC) to generate combined savings of $1.8B.
Thu, Sep. 11, 9:54 AM
- Airbus (OTCPK:EADSY -0.6%) CEO Fabrice Bregier lashed out at the German government this morning for its restrictive export policy on defense goods, saying it could prevent international partners from cooperating on future defense projects.
- "While there are lofty speeches being made that talk about more cooperation and consolidation in European defense, the axe is being swung at decades of Franco-German cooperation," says Bregier.
- Previously, French paper Les Echos reported that Germany was blocking a contract for MBDA to supply a Gulf state with the Milan ER anti-tank missile.
- Shareholders in MBDA include, Airbus, BAE Systems (OTCPK:BAESF) and Finmeccanica (OTCPK:FINMF).
Tue, Aug. 12, 7:07 AM| Comment!
Mon, Aug. 11, 10:49 AM
- BAE Systems (OTCPK:BAESY +0.9%) has announced an agreement for the proposed sale of its 75% stake in Land Systems South Africa (LSSA) to Denel.
- "This proposed divestiture will further focus our portfolio on our core capabilities and strong franchise positions in tracked, combat and amphibious vehicles and weapon systems,” says BAE Systems President Erwin Bieber.
- LSSA is jointly owned by BAE Systems (75%) and DGD Technologies (25%) and will be sold for 855M Rand.
Tue, Jul. 15, 9:34 AM| 1 Comment
Thu, Jul. 3, 9:25 AM
- Mitsubishi Electric (MIELY), a missile supplier to Japan's Self Defense Forces, has agreed to partner with European missile consortium MBDA (comprised of Airbus (EADSY), BAE Systems (BAESF) and Finmeccanica (FINMF)), to develop an air-to-air missile for the F-35 fighter jet.
- Looking to bring down its costs of defense manufacturing, Japan is now looking into selling to the global arms market.
- If the partnership finalizes, it will mark the first time Japanese-made defense components will be used on missiles sold abroad, after the country lifted its four decade-old ban on military exports.
Wed, May. 21, 8:30 AM
- Raytheon (RTN) and Lockheed Martin (LMT) are vying to win the deal to provide Germany's future air-defense system.
- Raytheon is the incumbent but Lockheed Martin has been involved in the development of the Medium Extended Air Defense Systems (Mead) along with European missile consortium MBDA, which comprises Airbus (EADSY), BAE Systems (BAESF) and Finmeccanica (FINMF).
- The German government is reviewing its plans after the U.S. decided to stop financing Mead beyond the development stage.
- Raytheon and Lockheed Martin are also competing to win a deal from Poland, and with the onset of the Ukraine crisis, the companies' battle is likely to be repeated in other European countries as well.
Oct. 6, 2013, 1:35 AM
- United Technologies (UTX) unit Sikorsky Aircraft has canceled plans to furlough almost 2,000 staff after Defense Secretary Chuck Hagel said that he is ordering most of the Pentagon's 400,000 civilian employees to return to work.
- United Tech had also said it would have to keep staff at its Pratt & Whitney and Aerospace Systems businesses at home if the government shutdown were to drag on this next week.
- Lockheed Martin (LMT), which intends to furlough 3,000 staffers on Monday, hasn't yet decided whether to reduce or drop those plans.
- Other companies affected by the return of Pentagon workers include BA, GD, NOC, AVAV, KTOS, HON, TXT, EADSF.PK and BAESF.PK.
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BAE Systems is a global defense, aerospace and security company with approximately 88,200 employees worldwide. The Group delivers a wide range of products and services for air, land, and naval forces, as well as advanced electronics,security, information technology solutions and support services.
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