21 Feb 11. Cobham plc has completed the divestment of the Engineering Consultancy Group, a part of Cobham Technology Services, to management backed by a private equity fund, for a cash consideration of £13.5m on a debt and cash free basis. Cobham Technology Services is part of Cobham’s Aerospace and Security Division. The Engineering Consultancy Group operates out of Cobham’s Leatherhead, UK site and works exclusively for third parties, providing engineering consultancy services to customers in non-core markets such as heavy engineering and infrastructure. The retained business lines of Cobham Technology Services provide specialist and high value added technology based products and services in markets where the Group has leading positions including antennas, satellite communications and electronic systems.
Andy Stevens, Cobham Chief Executive Officer said: “The divestment of the Engineering Consultancy Group is evidence of further progress in our strategy of focusing Cobham on its scale positions in higher growth and technically differentiated markets.”
22 Feb 11. Lockheed Martin Corporation [NYSE: LMT] has entered into a definitive agreement to sell its Pacific Architects and Engineers Incorporated (PAE) business to Lindsay Goldberg, LLC.
“Our decision to divest PAE followed a comprehensive review of our
portfolio to find ways to continuously provide the best, most affordable solutions for our customers, a secure future for our employees and value for our shareholders,” said Lockheed Martin Chairman & CEO Robert J. Stevens. “PAE and its employees have demonstrated tremendous capability to serve the nation with dedication, diligence and honor. I’m confident the company and its employees will continue to thrive under the ownership of Lindsay Goldberg.”
Since acquiring PAE in 2006, the Corporation has strengthened its leadership team, established new business management processes and enhanced the focus on performance excellence. The Corporation’s decision last June to divest this business was based on its assessment that the markets PAE serves had evolved in ways that were inconsistent with the Corporation’s long term strategy. The closing of the transaction is subject to customary closing conditions. It is expected that the transaction will close in the second quarter of 2011. Terms of the transaction will not be disclosed and are not expected to have a material effect on Lockheed Martin.
21 Feb 11. Kaiser Aluminum Corporation (Nasdaq:KALU – News) today reported adjusted consolidated operating income for the full year ended December 31, 2010 of $65m, an increase of $12m or 23% compared to the prior year excluding non-run-rate items and the contribution from Anglesey smelting operations in 2009. The Fabricated Products segment reported adjusted operating income of $101m, an increase of $14m or 16% compared to the prior year ended December 31, 2009.
“We are pleased with our financial results and operational accomplishments in 2010,” said Jack A Hockema, President, CEO and Chairman. “Higher value added revenue and stronger shipments combined with improved manufacturing efficiencies drove strong earnings performance in a challenging economic environment. We further enhanced our platform for top-line and bottom-line growth with the purchase of Alexco and Nichols Wire and the launch of our new world-class remelt and extrusion facility in Kalamazoo, Michigan,” said Mr. Hockema. “In addition, we improved our capital structure and extended the five year labor agreement for our two largest facilities — Trentwood and Newark — through 2015, all in an effort to support our business and growth initiatives and further strengthen our competitive position. We are well positioned to continue capitalizing on the opportunities in our served markets in 2011 and beyond.” (Source: Yahoo!/GLOBAL NEWSWIRE)
23 Feb 11. A top-level meeting of the German government on the issue of ownership in aerospace and defence firm EADS (EAD.PA) did