31 Jan 08. DRS Technologies, Inc. (NYSE: DRS) has been named as one of “America’s 25 Fastest Growing Tech Companies” in a special report published on January 24, 2008 by Forbes Magazine. The company was ranked 14 on the list. According to Forbes, it required at least 10 percent annualized revenue growth over the past five years, profitability over the past 12 months and a Thomson IBES consensus earnings forecast of at least 10 percent annualized earnings growth over the next three to five years in order for companies to make this list. Companies with significant legal problems or with possible accounting or corporate governance issues were excluded.
05 Feb 08. Vector Aerospace Corporation, the Canadian aerospace company, announced today that its wholly-owned subsidiary, Vector Aerospace International Limited, has entered into a definitive purchase and sale agreement with the Secretary of State for Defence to acquire the Defence Aviation and Repair Agency (DARA) Rotary Wing and Components businesses in consideration of £17 million.
The transaction involves the helicopter repair facilities located at Fleetlands and the helicopter component and repair facilities located at Almondbank. The transaction is expected to be completed during the first quarter of 2008.
The Fleetlands facility in Portsmouth provides maintenance, repair and overhaul support for the MOD Chinook (CH-47), Lynx and Sea King helicopters. The Almondbank facilities provide maintenance, repair and overhaul and component support for these helicopter platforms and other platforms within the United Kingdom, both for MOD and other customers. Vector believes that the skill sets and capabilities of its business align with the DARA businesses being acquired, and that this acquisition provides an attractive expansion platform into new international markets. Vector already contributes to the MOD frontline effort through its UK operation, Sigma Aerospace, at Croydon, England, that supports the RAF C130 K Hercules transport and VC10 tanker fleets.
01 Feb 08. Effective February 1, ITT Aerospace/Communications Division (Ft. Wayne, IN) will change its name to ITT Communications Systems to better reflect its status as a full-service communications company with a strong
05 Feb 08. MAN AG, Europe’s third-largest truckmaker, said fourth-quarter profit rose 33 percent as vehicle deliveries surged in the booming economies of Russia and Poland. Net income increased to 331m euros ($490m) from 248m euros a year earlier, Munich-based MAN said today in a statement. Earnings beat the 318 million-euro estimate of seven analysts surveyed by Bloomberg. Revenue rose 35 percent to 5.23bn euros. Chief Executive Officer Hakan Samuelsson forecast today that 2008 sales will rise more than 5 percent, and operating profit will increase, because of growth in central and Eastern Europe. Industrywide sales in the region jumped 47 percent last year, compared with 2.7 percent in western Europe. MAN’s Polish sales more than doubled over the last four years, while Russian deliveries almost tripled in the last year alone. (Source: Bloomberg)
31 Jan 08. Goodrich Corporation (NYSE: GR) announced results today for the fourth quarter and full year 2007, and reaffirmed its outlook for full year 2008 results. Goodrich reported fourth quarter 2007 net income of $132m, or $1.04 per diluted share, on sales of $1,668m. In the fourth quarter 2006, the company reported net income of $99m, or $0.78 per diluted share, on sales of $1,495m. Fourth quarter 2007 sales increased 12 percent and net income per diluted share increased 33 percent compared with the fourth quarter 2006. The company reported an effective tax rate of 33 percent for the fourth quarter of 2007, compared with an effective tax rate of 14 percent during the fourth quarter 2006.
01 Feb 08. Hynix Semiconductor, the world’s second-largest memory chipmaker, reported its first quarterly loss in four and a h