BAE SYSTEMS PLC
24 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. The
Company announced it had entered into a definitive merger agreement to acquire
United 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 in
progressing its strategy as the premier transatlantic aerospace and defence
company. United Defense had sales in 2004 of US$2.292 billion.
'BAE Systems is proud to welcome United Defense into the company', said Mike
Turner, BAE Systems' Chief Executive. 'United Defense is an excellent company,
with a demonstrated record of performance, an outstanding reputation with its
customers and a great heritage of innovation and technology. This acquisition
creates one of the world's leading designers, manufacturers and support
providers of land and armament systems.'
To enable BAE Systems to better serve its customers, the company is combining
its existing land systems activities in the UK, Sweden and South Africa with
United Defense to form a new BAE Systems Land and Armaments business group led
by Tom Rabaut and headquartered in Arlington, Virginia, USA. BAE Systems Land
and 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 the
US, UK, Sweden and South Africa. The acquisition of United Defense further
increases 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 Exchange
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