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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.
Sep. 18, 2013, 4:56 AM
- Lockheed Martin (LMT), BAE Systems (BAESF.PK), Northrop Grumman (NOC) and engine builder Pratt & Whitney (UTX) have agreed to huge cuts in the average cost of the F35 Joint Strike Fighter jet by 2019.
- The head of the program, Lt. Gen. Chris Bogdan, is confident that despite concerns about the plane's software and defective parts, it is on track to enter service in 2015.
- As expected, Holland said yesterday that it will buy 37 F35s and it provided a small indication that Belgium could evaluate the planes as well.
Jul. 9, 2013, 7:00 AMRaytheon (RTN) has won a $279M 22-month deal from the navy to develop a radar jamming device to be used on Boeing EA-18G Growler combat aircraft. Raytheon beat out incumbent Northrop Grumman (NOC) and others for a contract that analysts reckon could eventually be worth billions of dollars. The development period will be followed by an engineering and manufacturing phase of 4 1/2 years, with the jammer slated for deployment in FY 2020. | Comment!
Jul. 3, 2013, 8:24 AMLockheed Martin (LMT), Boeing (BA) and BAE Systems (BAESF.PK) are vying to win deals to upgrade fleets of F-16 fighter jets, with the market worth an estimated $12B over the next nine years. LMT, which makes the planes, reckons that its contract with the U.S. Air Force to renew the American fleet puts it in the driving seat to win contracts with other nations. Raytheon (RTN) and Northrop Grumman (NOC) could also benefit with their radar upgrades. | Comment!
Apr. 3, 2013, 9:51 AMBuy German appears to be one of the CBO's preferred options for a tank-like Ground Combat Vehicle that is being developed to replace the Bradley Fighting Vehicle, which is made by BAE (BAESF.PK). The CBO reckons that the U.S. Army could save $14B and get a better product if it chooses the "Puma" over vehicles from GD and BAE. Alternatively, upgrading the Bradley and dropping the GCV would save $9B from 2014-2030. | Comment!
Mar. 5, 2013, 5:37 AMGeneral Dynamics (GD) shipbuilding unit NASSCO has warned over 1,000 workers of indefinite layoffs that may take effect in late April due to the uncertainty caused by the automatic spending cuts that kicked in on Friday. The warning follows one by BAE Systems last week. The reductions will chop the Pentagon's budget by 7.8%, with all major defense contractors set to be hit. | 2 Comments
Feb. 22, 2013, 3:57 AMFrank Kendall, the Under Secretary of Defense for Acquisition, has authorized the Pentagon's purchasers and program managers to start talking to suppliers about the plans for implementing $46B of automatic cost reductions, which are due to take effect next Friday. The impact of the cuts will be exacerbated by the DOD not receiving an appropriation for this year, with much of its money in the wrong accounts. | 1 Comment
Dec. 13, 2012, 10:14 AMUnited Tech's (UTX) Sikorsky Aircraft and L-3 Communications (LLL) lose out as BAE Systems (BAESF.PK) wins a contract of up to $400M over the next five years to maintain over 300 U.S. Navy trainer aircraft. It's a particular blow for Sikorsky, which was the incumbent. The deal includes an initial base term as well as multiple options. | Comment!
Nov. 27, 2012, 8:24 AM
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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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