20 Aug 2007 | Ref. 259/2007
ROCKVILLE, Maryland – BAE Systems today completed the sale of its Inertial Products business.
The $140 million cash sale to J.F. Lehman & Co. was announced April 24. Closing of the sale today followed completion of regulatory reviews and approvals.
The Inertial Products business supplies military and commercial customers with inertial sensors and measurement units for the control, navigation, and guidance of precision weapon systems, missiles, air and ground vehicles, and aerial targets, and provides digital terrain systems for aircraft.
The approximately 810 employees affected by the transaction are based in Cheshire, Connecticut; Heath, Ohio; Wayne, New Jersey; and Plymouth, United Kingdom.
The sale includes BAE Systems’ share of Silicon Sensing Systems, a joint venture with Sumitomo Precision Products that is based in the U.K. and Japan. Silicon Sensing Systems provides solid-state sensors to automotive and military customers worldwide.
“This divestiture is consistent with BAE Systems’ strategy to expand as a developer and integrator of systems and de-emphasize its role as a components provider,” said Mike Heffron, president of the BAE Systems’ Electronics & Integrated Solutions unit.
About BAE Systems
BAE Systems is the premier global defense and aerospace company delivering a full range of products and services for air, land and naval forces, as well as advanced electronics, information technology solutions and customer support services. BAE Systems, with 96,000 employees worldwide, had 2006 sales that exceeded $27 billion on a pro forma basis, assuming BAE Systems had owned Armor Holdings, Inc., for the whole of 2006.
For more information, please contact:
Stephanie Diehl, BAE Systems
Tel: +1 607 770 3679 Mobile: +1 607 761 1294
stephanie.diehl@baesystems.com
Susan Lenover, BAE Systems
Tel: +1 703 907 8259 Mobile: +1 703 850 1621
susan.lenover@baesystems.com
www.baesystems.com
