24 Apr 2007 | Ref. 123/2007
ROCKVILLE, Maryland – BAE Systems today announced that it has signed a definitive agreement to sell its Inertial Products business to J.F. Lehman & Co.
The Inertial Products business supplies military and commercial customers inertial sensors and measurement units for the control, navigation and guidance of fixed- and rotary-winged aircraft, precision weapon systems, missiles, unmanned aerial vehicles, aerial targets and drones, tanks and fighting vehicles. It has approximately 810 employees at sites in Cheshire, Connecticut; Heath, Ohio; Wayne, New Jersey; and Plymouth, U.K. The sale also includes BAE Systems’ share of Silicon Sensing Systems, a joint venture between BAE Systems and Sumitomo Precision Products that is based in the U.K. and Japan.
The transaction, for consideration of $140 million cash subject to customary post-closing adjustments, is expected to occur within 60 days following receipt of regulatory approvals.
The sale is consistent with BAE Systems’ strategy to expand as a developer and integrator of systems and de-emphasize its role as a components provider.
About BAE Systems
BAE Systems is a 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 88,000 employees worldwide, had 2006 sales that exceeded $25 billion.
About J.F. Lehman & Co.
J.F. Lehman & Co. is a private equity investment firm based in New York City that focuses on acquiring middle market companies in the defense, aerospace, and maritime industries. More information is available at www.jflpartners.com.
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
