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Virtual News Room 2002
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| 22 October 2002
BAE SYSTEMS AGREES TO ACQUIRE CONDOR PACIFIC INDUSTRIES BAE Systems North America has agreed to the acquisition of Condor Pacific Industries, Inc. (CPI) of Westlake Village, California, for $58.5 million. The acquisition will be funded from existing cash resources. With the growing defence focus on and demand for precision munitions both from a sensor technology and guidance systems perspective, the acquisition of CPI strongly complements BAE Systems business in missile systems guidance and control. CPI manufactures inertial products for navigation, guidance and control, including "STARS," the world's smallest Two-Axis Rate Sensor for tactical missile seekers and STAARS, the smallest multi-function sensor for sub-miniature, low-cost inertial measurement units. In addition to its headquarters in Westlake Village, California, CPI has facilities in Cheshire, Connecticut, and Heath, Ohio. Mark Ronald, Chief Operating Officer, BAE Systems plc, and President and Chief Executive Officer, BAE Systems North America said, "The acquisition of CPI is part of our strategic intent to focus on markets that will enhance the effectiveness of existing and future weapon systems. CPI complements BAE Systems business in military systems guidance and control and will help strengthen our position in the global military gyro business." Closing of the transaction is expected to occur with 60 days and is subject to completion of all regulatory reviews and approvals. About BAE SYSTEMS: BAE Systems is a systems company, innovating for a safer world. BAE Systems employs nearly 100,000 people including Joint Ventures, and has annual sales of around £13 billion. The company offers a global capability in air, sea, land and space with a world-class prime contracting ability supported by a range of key skills. BAE Systems designs, manufactures and supports military aircraft, surface ships, submarines, space systems, radar, avionics, communications, electronics, guided weapon systems and a range of other defence products. BAE Systems is dedicated to making the intelligent connections needed to deliver innovative solutions. BAE Systems North America is a high-technology US company employing more than 22,000 Americans who live and work in 29 states and Washington, D.C. -- dedicated to solving our customers needs with both highly innovative and leading-edge solutions across the defence electronics, systems, information technology and services arenas. For further information about BAE Systems, please contact:
For further information about Condor Pacific, refer to www.condorpacific.com Issued by:
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