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BUSINESS
August 25, 1999 | From Reuters
U.S. and German defense officials met for nearly four hours in Washington on Tuesday to lay the groundwork for potential mergers of European and American defense firms, a Pentagon spokesman said. The meeting, similar to one held recently with British officials, is part of a change in Pentagon policy signaled last month by U.S. Undersecretary of Defense Jacques Gansler. Gansler said in early July that he expected a significant number of mergers between U.S.
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BUSINESS
September 6, 2000
* Lockheed Martin Corp. has received permission from the Justice Department to sell its flight controls unit for $510 million to Britain's BAE Systems, Europe's largest defense contractor. The Lockheed unit, which is based in Johnson City, N.Y., and Fort Wayne, Ind., makes engine and fly-by-wire controls and other aircraft parts. Lockheed Martin is shedding assets and reorganizing after profit warnings last year cut its share price by almost half. Lockheed shares fell 19 cents to close at $28.
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BUSINESS
September 6, 2000
* Lockheed Martin Corp. has received permission from the Justice Department to sell its flight controls unit for $510 million to Britain's BAE Systems, Europe's largest defense contractor. The Lockheed unit, which is based in Johnson City, N.Y., and Fort Wayne, Ind., makes engine and fly-by-wire controls and other aircraft parts. Lockheed Martin is shedding assets and reorganizing after profit warnings last year cut its share price by almost half. Lockheed shares fell 19 cents to close at $28.
BUSINESS
June 16, 2000 | Bloomberg News
* 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.
BUSINESS
June 16, 2000 | Bloomberg News
* 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.
BUSINESS
December 10, 1997 | From Bloomberg News
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.
BUSINESS
July 5, 1997 | From Bloomberg News
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.
BUSINESS
July 1, 1992 | From Times Staff and Wire Reports
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.
BUSINESS
December 23, 1998 | From Bloomberg News
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.
BUSINESS
July 8, 1999 | From Times Wire Services
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.
BUSINESS
August 25, 1999 | From Reuters
U.S. and German defense officials met for nearly four hours in Washington on Tuesday to lay the groundwork for potential mergers of European and American defense firms, a Pentagon spokesman said. The meeting, similar to one held recently with British officials, is part of a change in Pentagon policy signaled last month by U.S. Undersecretary of Defense Jacques Gansler. Gansler said in early July that he expected a significant number of mergers between U.S.
BUSINESS
July 8, 1999 | From Times Wire Services
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.
BUSINESS
December 24, 1998 | ELIZABETH DOUGLASS, TIMES STAFF WRITER
Amid escalating merger talks overseas, defense industry analysts are predicting a new wave of deals that could involve Northrop Grumman or other U.S. firms in the first major transatlantic marriage involving military contractors. Much of the speculation is focused on Europe, where the defense industry has not yet undergone the wrenching consolidation that has radically reshaped the U.S. industry over the last five years.
BUSINESS
December 23, 1998 | From Bloomberg News
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.
BUSINESS
December 8, 1998 | Bloomberg News
GKN, Britain's third-largest defense company, agreed to buy Interlake Corp., a U.S. maker of ferrous powdered metals, aerospace engine components and containers, for $261 million. Under the deal, GKN would pay $7.25 for each share of Lisle, Ill.-based Interlake and also assume $292 million in debt. The British company expects the purchase to boost earnings the first year.
BUSINESS
December 10, 1997 | From Bloomberg News
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.
BUSINESS
December 24, 1998 | ELIZABETH DOUGLASS, TIMES STAFF WRITER
Amid escalating merger talks overseas, defense industry analysts are predicting a new wave of deals that could involve Northrop Grumman or other U.S. firms in the first major transatlantic marriage involving military contractors. Much of the speculation is focused on Europe, where the defense industry has not yet undergone the wrenching consolidation that has radically reshaped the U.S. industry over the last five years.
NEWS
December 15, 1992 | WILLIAM TUOHY, TIMES STAFF WRITER
The on-again-off-again, multibillion-dollar program to build the new European Fighter Aircraft now seems back on track, buoying supporters of the Continent's largest single industrial project. At a meeting in Brussels late last week, defense ministers of Britain, Germany, Italy and Spain--the four nations involved in the EFA project--agreed to go ahead with it.
BUSINESS
July 5, 1997 | From Bloomberg News
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.
NEWS
December 15, 1992 | WILLIAM TUOHY, TIMES STAFF WRITER
The on-again-off-again, multibillion-dollar program to build the new European Fighter Aircraft now seems back on track, buoying supporters of the Continent's largest single industrial project. At a meeting in Brussels late last week, defense ministers of Britain, Germany, Italy and Spain--the four nations involved in the EFA project--agreed to go ahead with it.
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