June 16, 2000 |
* BAE Systems, Europe's biggest weapons supplier, said it will cut at least 3,800 jobs, or 5.4% of its work force in Britain, to eliminate overlap after the purchase of Marconi Electronics last year. BAE, known as British Aerospace before the acquisition, said it plans to close or consolidate operations at more than 60 sites across Britain. Activities in other countries will be reviewed separately.
December 10, 1997 |
The leaders of France, Britain and Germany jointly urged their defense industries Tuesday to adopt by March 31 a "clear plan" to create giant, Pan-European companies that could compete with U.S. rivals.
July 5, 1997 |
The proposed mega-merger of Lockheed Martin Corp. and Northrop Grumman Corp., seen as completing a consolidation of U.S. aerospace-defense giants, may finally spur a similar round of European aerospace mergers. Europe's five top aerospace companies combined would barely rival the $37 billion a year in sales that Lockheed Martin will command if it completes the $11.6-billion acquisition of Northrop Grumman, announced Thursday.
July 1, 1992 |
Germany Pulls Out of Fighter Project: Citing cost and a new security situation, Germany pulled out of a multibillion-dollar European effort to build an advanced fighter. The decision makes the European Fighter Aircraft the first major victim of the spiraling costs of German unification. Germany's defense budget is expected to drop 2.5% this year, but public spending will rise by a similar amount. The decision by Germany, Britain, Italy and Spain to develop the plane was made in the early 1980s.
December 23, 1998 |
Britain's General Electric Co. said Tuesday it will separate its weapons business from the rest of the company to advance merger talks with other arms makers. GEC's Marconi defense unit accounts for half of the company's sales of $10.5 billion. It includes electronic controls for missiles, satellites and submarines.
July 8, 1999 |
Europe's drive to develop new weapons at lower cost will spark a "significant number" of mergers and ventures between U.S. and European firms within months, a top Pentagon official predicted Wednesday. The statements pushed Northrop Grumman shares up 8% on speculation that the No. 5 U.S. defense contractor could be purchased by a European company. The shares rose $5.50 to close at $74.31 in trading of 1.4 million shares, more than four times the three-month daily average.