22 Dec 12. Defence cuts likely to hurt service providers. The effect of defence spending reductions under the fiscal cliff package of cuts would fall more quickly on providers of services to the Pentagon than on weapons makers, analysts have said. Any cuts for big weapons makers such as Lockheed Martin, Boeing and Northrop Grumman would probably be only about 2-3 per cent next year, said Jim McAleese, a Virginia-based defence analyst. However, companies that offer day-to-day services to the Pentagon such as data processing would be more likely to see more immediate cuts, according to Loren Thompson, an analyst at the Lexington Institute. The men spoke as the Aerospace Industries Association, a lobbyist for military contractors, called for defence spending to be split from negotiations over the fiscal cliff mixture of tax increases and spending cuts that are set to come in on January 1. (Source: FT.com)
04 Jan 13. J.F. Lehman & Company (“J.F. Lehman”), a leading middle-market private equity firm focused on the defense, aerospace and maritime sectors, announced today that certain of its investment affiliates have acquired IMECO, Inc. (“IMECO” or the “Company”) of Iron Mountain, MI, in partnership with Company management. IMECO is a leading independent domestic provider of turnkey marine electro-mechanical solutions for U.S Government and commercial customers. The Company’s integrated maritime solutions include the design, engineering, planning, procurement and installation of HVAC, cargo handling, electric steering, propulsion and fire suppression systems for government and commercial vessels.
22 Dec 12. United Technologies Corp. (UTX) has reached agreement to divest its UTC Power fuel cells unit to ClearEdge Power, based in Hillsboro, Ore. Terms of the agreement were not disclosed. As previously announced, divesting UTC Power is another step forward in UTC’s ongoing portfolio transformation to focus on its core of aerospace and building systems. The transaction is subject to customary closing conditions. Closing is expected early in 2013. United Technologies Corp., based in Hartford, Connecticut, is a diversified company providing high technology products and services to the building and aerospace industries. (Source: Yahoo!/PRNewswire)
11 Dec 12. Manroy Plc, the AIM quoted UK defence contractor, announced an update on its forward order book for the financial year ending 30 September 2013. The order book and pipeline of Manroy for the current financial year are at record levels and negotiations are at an advanced stage in respect of significant orders, in addition to those previously announced. Accordingly, the Board remains confident that Manroy will at least match market expectations of revenues for the year ending 30 September 2013. The achievement of market expectations is not reliant on the Company securing the £8.0m export order referred to in Manroy’s announcement on 13 September 2012. Whilst the Board remains confident this order will be won, it is now expected to be awarded during 2013.
Glyn Bottomley, Chief Executive of Manroy, commented: “The Board is encouraged that the Manroy order book and pipeline remains strong and we look forward to announcing further positive contract wins in the near future. As substantial shareholders, the Directors all share in the frustration arising from the continued delay to the export order referred to above, but remain confident that this will be obtained.” (Source: FT.com)
02 Jan 13. Curtiss-Wright Corporation (NYSE:CW) has completed the acquisition of the shares of Exlar Corporation for $85m in cash. Exlar, a private company, is a leading designer and manufacturer of highly engineered electric actuators used in motion control solutions in industrial and military markets. The acquired business will operate within Curtiss-Wright’s Motion Control segment. Since 1991, Exlar electric actuators are used in a wide range of markets including defense, process control, industria