08 Jun 06. Lockheed Martin Corp. said it completed its acquisition of Savi Technology Inc., which develops shipment-tracking systems using radio frequency identification. Terms were not disclosed. The transaction was announced in May. Savi’s hardware and software are used by the U.S. Department of Defense, international defense agencies and companies to monitor security and environmental conditions, Lockheed Martin said.
15 Jun 06. ACMAT sold to Renault Trucks Defense. Famous French truck company ACMAT is now wholly owned by Renault Trucks Defense, but the company will retain its well-established name and its facility in Saint-Nazaire.
02 May 06. Oshkosh Truck Corporation (NYSE:OSK), reported that, for the quarter ended March 31, 2006, earnings per share increased 28.8 percent to $0.67, on sales of $844.8m and net income of $49.8m. This compares with earnings per share of $0.52 on sales of $672.4m and net income of $38.2m for the prior year’s second quarter. These results exceeded Oshkosh’s most recent earnings per share estimate range for the second quarter of fiscal 2006 of $0.58 – $0.62 per share. Oshkosh also reaffirmed its estimated range of fiscal 2006 earnings per share of $2.55 – $2.65. Sales increased 25.6 percent in the second quarter of fiscal 2006 as a result of sales growth in all three of the Company’s segments. Operating income increased 27.3 percent to $79.7m, or 9.4 percent of sales. Operating income rose sharply in both the defense and commercial segments, with growth rates in the double-digit and triple-digit percentages, respectively. These increases were partially offset by an anticipated decrease in operating income in the fire and emergency segment and higher corporate expenses.
06 Jun 06. Automotive industry supplier ThyssenKrupp Budd Company has announced the sale of its aluminium castings operations as part of a restructuring plan announced earlier this year. ThyssenKrupp Stahl Company, a subsidiary which produces aluminium castings at foundries in Kingsville and Warrensburg, Missouri, has been sold to an equity holding concern. The sale price was not disclosed. ThyssenKrupp Stahl employs 813 people. The sale is in line with restructuring plans ThyssenKrupp of Germany announced for its North American automotive segment. Speyside Equity, a Delaware company, now owns the stock of ThyssenKrupp Stahl as well as other industrial investments. ThyssenKrupp Budd currently supplies approximately 100 vehicle models with sheet metal stampings and assemblies, composite body panels and pickup boxes, chassis modules and sub-frames, bumpers and bumper reinforcements. (Source: just-auto.com editorial team) ThyssenKrupp Budd operates 30 facilities with around 10,000 employees in North America. (Source: just-auto.com editorial team)
25 May 06. Armor Holdings, Inc. (NYSE: AH) and Stewart & Stevenson Services, Inc. (NYSE: SVC) announced that Stewart & Stevenson shareholders approved the merger with Armor Holdings, Inc. at the special shareholder meeting held today, and the companies have closed the transaction. Robert R. Schiller, President of Armor Holdings, said, “We are very pleased that our merger with Stewart & Stevenson has been completed and look forward to working with their talented team to quickly and smoothly integrate their operations into our Aerospace & Defense Group. As a prime contractor for the U.S. military’s tactical wheeled vehicle fleet, Stewart & Stevenson operations are highly complementary to Armor Holdings’ existing armoring capabilities. This combination dramatically enhances our ability to offer the Department of Defense an integrated tactical vehicle resource and positions us extremely well to supply products for a wide range of high-priority projects in the coming years. “In addition to the clear strategic benefits of this combination, there are significant financial benefits as well. We expect the acquisition to be accretive to earnings in 2007, based on curren