25 Sep 08. DRS Technologies, Inc. (NYSE: DRS) announced today that stockholders of the company voted to adopt the agreement and plan of merger, and approve the merger with Finmeccanica S.p.A. (FNC.MI) at DRS’s special meeting of stockholders held today at The Hilton Parsippany in Parsippany, New Jersey, U.S.A. at 10:00 a.m. local time. As announced on May 12, 2008, Finmeccanica and DRS jointly signed a definitive merger agreement for Finmeccanica to acquire all of the outstanding stock of DRS Technologies for US$81.00 per share in cash in a transaction with an enterprise value of approximately US$5.2bn. The transaction is expected to close in the fourth quarter of 2008 and is subject to the receipt of regulatory approvals and other closing conditions. On August 28, 2008, Finmeccanica and DRS jointly announced that the U.S. Department of Justice and Federal Trade Commission terminated the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (HSR), in connection with DRS’s proposed merger with Finmeccanica.
26 Sep 08. The Boeing Company (NYSE: BA – News) today announced an agreement to acquire Tapestry Solutions, a San Diego-based company specializing in services and software systems that improve the tracking and distribution of equipment, spare parts and personnel for the U.S. Department of Defense and other government and non-government agencies. Tapestry Solutions’ tools, such as the Joint Distribution Logistics Model and Battle Command Support Sustainment System, are U.S. Army standards that increase asset visibility, optimize distribution and enable dynamic logistics planning. Boeing Integrated Defense Systems (IDS) President and CEO Jim Albaugh said the acquisition should accelerate the growth of the company’s service and support business. “Boeing has a great opportunity to address an expanding market where we can bring together our proven large-scale integration capabilities with Tapestry Solutions’ unique logistics management, decision support systems, and cutting-edge modeling and simulation technologies,” Albaugh said. “It’s all about meeting our customers’ enduring needs for heightened readiness and supply-chain situational awareness.” Dennis Muilenburg, president of IDS Global Services & Support, added, “Combining Tapestry Solutions’ capabilities with Boeing’s expertise in supply chain management and integration, we are positioned to help our customer solve real-world problems and drive a transformation in distribution processes. Tapestry Solutions’ data fusion, logistics and knowledge management products and services will enhance our global logistics support network. From point of origin, inter-modally into theater, to point of use, we’ll be able to offer services with better ability to pinpoint the location of assets wherever they are in the supply chain, improve predictability on arrival times, streamline logistics command and control, and reduce operating costs.”
25 Sep 08. European truckmakers have been surprised by a sharp drop in western European orders in recent weeks as the fallout from the global financial crisis brings to an end an extraordinary growth period for the sector. After years of being spoiled by rapid growth rates, the heads of several commercial vehicle companies and suppliers this week painted a more sombre picture at the world’s biggest truck fair in Hannover. Hans-Joachim Nikolin, executive board member at Continental, the tyremaker and electronic parts supplier, said the sharp decline only came in the past four weeks. “The market has been surprised by the amplitude of this demand swing,” he said. Executives complained that uncertainty in the market had rarely been so high. Leif Östling, Scania’s chief executive, said: “I could make any kind of forecast now – and I would regret it in a couple of months.” The financial turmoil looks certain to have an effect on the trucks market, Mr Östling added. “The financial meltdown will surely