05 Oct 2009. A Kohlberg Kravis Roberts-led consortium is leading the bidding for the $1bn-plus services unit of Northrop Grumman, according to the Financial Times. The auction has drawn bidders including Blackstone and two teams: Welsh Carson and Providence, and KKR and General Atlantic. As other bidders have pulled out, the KKR-General Atlantic team is reported to be the leading candidate. (Source: Google)
BATTLESPACE Comment: Sources suggest that one of the key reasons for putting this unit on the block was to pay some of the huge, estimated to be $1bn+ deficit in the Northrop Pension scheme.
01 Oct 09. Smiths Group posts strong growth in revenues for 2009
The UK’s Smiths Group has reported preliminary sales growth of nearly a quarter during 2009 and pre-tax profit growth of 16 per cent, while its defence business saw a “record year” of results. In its preliminary 2009 results issued on 30 September, Smiths Group said its revenues leapt from GBP2.16bn (USD3.46bn) in 2008 to GBP2.67 billion: an increase of GBP504m (or 23 per cent). (Source: Jane’s)
Oct 09. Russian Helicopters reports 58% sales rise. Russian Helicopters saw sales increase by 58 per cent during the first half of 2009, according to a report by FC Novosti, the financial branch of state news agency RIA Novosti. The company, which manages all of Oboronprom’s helicopter businesses, sold 64 helicopters during the period, posting revenues of RUR18.4bn (USD613m) and a net profit of RUR1.71bn, said FC Novosti. (Source: Jane’s)