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BUSINESS NEWS

30 Apr 08. General Electric, the U.S. industrial conglomerate, has bought for an
undisclosed amount a 15 percent stake in Ulis, a subsidiary of Sofradir, a
French maker of infrared detectors. Ulis makes uncooled IR detectors mainly for commercial uses, said Sofradir in an April 30 statement. Sofradir, a privately held company, makes IR sensors for military, space and commercial markets. GE bought its holding in Ulis from CEA Valorisation, an equity holding company of the French state-owned Atomic Energy Agency. Sofradir remains the majority owner of Ulis, with 85 percent, the company said. “We’re delighted to have GE join us as we enter a new phase at Ulis,” said Philippe Bensussan, chairman and chief executive at Sofradir and chairman at Ulis. “The CEA brought key technology assets in the form of patents and tight cooperation for continuous improvements of the technology.” CEA Valorisation sold its stake under terms of a 2002 shareholders agreement
that allowed an exit after five years. Ulis was created in 2002 and had 2007 sales of $60m. Sofradir and Ulis export more than 70 percent of their products. Customers include the U.S. Army, Thales, Sagem, Selex, Alcatel Alenia Space, the European Space Agency and FLIR Systems. Combined 2007 sales of Sofradir and Ulis totaled $165m. (Source: Defense News)

25 Apr 08. Manroy Engineering, the privately owned British Machine Gun company based in East Sussex, England has sold a stake to UK Defence entrepreneur Glyn Bottomley. Manroy Engineering was originally formed by Roy and Madeleine Swainbank in 1975 to support the weapon spares requirements of the British Army. The company has grown steadily and is in full time production of not only the 0.5″ HMG & QCB, but also the 7.62 GPMG, a full range of weapon cradles, weapon spares and support activities for these products. As manufacturers of machine guns, Manroy has all the necessary equipment, knowledge and skills to carry out a full factory repair service of customer weapons when necessary. All Manroy products are in regular service with NATO forces and are registered with NATO Codifications in the UK. In addition to their own range of products Manroy is a major world recognized manufacturer of machine guns. Manroy is often consulted by its customers and contacts with regard to surplus weapon and ammunition disposal. After 33 years in the business Roy and Madeleine have decided to take a back seat and Glyn, who is CEO and a shareholder of AEI Systems Ltd, has been appointed by Manroy Engineering as their new CEO. The Swainbank’s have retained a 50% shareholding and look forward to supporting Glyn and the new board in the future. Glyn Bottomley said, “I am delighted to have taken over as CEO and shareholder in Manroy. Manroy has proved that it can support customers world-wide with its products and services. My strategy will be to grow the business and form strategic partnerships with AEI Systems in particular.”

28 Apr 08. Lockheed Martin Corporation [NYSE: LMT] has entered into a definitive agreement to acquire Atlanta, Georgia based Eagle Group International, LLC. Eagle Group provides logistics, information technology, training and healthcare services to the U.S. Department of Defense. As part of the agreement, the parties have agreed to exclude from the transaction all obligations associated with Eagle Group’s U.S. Department of Labor Potomac Job Corps Contract. Other terms of the transaction were not disclosed. Eagle Group’s proven capabilities in military readiness and integrated logistics, healthcare program management and outsourcing, information technology, and training services have enabled it to develop a reputation for outstanding support of its customers’ critical missions. Eagle’s revenue is generated mainly from work done for the U.S. Army. The transaction is subject to government approvals, including a review under the Hart-Scott-Rodino Antitrust Improvements Act and satisfaction of certain cl

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