14 Jan 20. Wind River®, a leader in delivering software for the intelligent edge, today announced its acquisition of Star Lab, a leader in cybersecurity for embedded systems. The acquisition broadens the comprehensive Wind River software portfolio with a system protection and anti-tamper toolset for Linux, a secure open source-based hypervisor, and a secure boot solution. Star Lab is now a wholly owned subsidiary of Wind River. Terms of the acquisition were not disclosed.
Historically, embedded devices have functioned in isolation, deployed to environments minimally connected to the outside world. However, with the emergence of ubiquitous connectivity paradigms such as IoT and remotely monitored/autonomously controlled industrial and transportation systems, today’s cyber threat landscape is rapidly evolving. Central to this evolution is the ease with which a focused and resourced adversary can acquire and reverse engineer deployed embedded systems. In addition to modification or subversion of a single specific device, hands-on physical access also aids an attacker in discovery of remotely-triggerable software vulnerabilities.
Specializing in cyber and anti-tamper security software for Linux, Star Lab provides embedded security for the most mission-critical systems, infrastructure, and equipment in the world. While born and bred in aerospace and defense, its solutions can tackle the hardest security challenges across critical infrastructure, including proactive protection of systems, even during sophisticated and targeted attacks that breach traditional defensive mechanisms. Star Lab advances the Wind River strategy for delivering security across the system, from boot to deployment and operations.
“The Star Lab offering is a perfect complement and extension to the Wind River portfolio, and addresses a growing trend where Linux cybersecurity and anti-tamper capabilities are becoming a requirement across industries such as aerospace, automotive, defense, and industrial,” said Jim Douglas, president and CEO of Wind River. “Our customers want to create security-based differentiation in their product lines using a multi-layer security approach; by combining the security-and Linux-related strengths of both companies, we believe we will be able to deliver immediate increased value and a competitive advantage.”
Star Lab’s products are founded on a secure-by-design engineering philosophy, leveraging design patterns that reduce attack surface, isolate critical functionality and contain or mitigate even successful attacks. Its products, which are conformant with NIST 800-53 technical controls for federal information systems and consistently pass independent verification/validation testing, include the following:
– Security Suite: The suite offers robust Linux cybersecurity and anti-tamper capabilities for operationally-deployed Linux systems and distributions.
– Embedded Hypervisor: Designed specifically for use in open, hostile computing environments, the Xen-based hypervisor offers a secure open source virtualization solution for embedded mission systems.
– Secure Boot: A measured-boot solution ensures that a device’s firmware and boot code is legitimate and has not been maliciously modified or manipulated.
“With advances in technology far outpacing corresponding advances in security, the Star Lab security philosophy is to assume compromise and design a system that prioritizes protectability, resiliency, and recoverability,” said Irby Thompson, CEO of Star Lab. “Like Wind River, the Star Lab portfolio was launched with the sole focus of building products that are uncompromising in their ability to protect mission-critical systems. Becoming part of the Wind River family will not only strengthen our value and offerings to our current aerospace and defense clients, but also allow us to scale to new opportunities faster, as well as expand our reach into new vertical markets.”
Wind River solutions deliver everything needed to secure embedded systems, protect communication between devices and across systems, safeguard them over time, and respond quickly as new threats emerge. Additionally, the company’s development processes and security capabilities meet rigorous requirements in place across critical infrastructure. According to VDC Research, Wind River has the leading market share in commercial embedded Linux, embedded hypervisors, and secure operating systems. The acquisition of Star Lab further extends Wind River’s leadership in these categories.
14 Jan 20. Naviris, the JV between Fincantieri and Naval Group is now fully operational. The first board meeting of Naviris, the joint venture between Fincantieri and Naval Group, took place. This partnership cements the shared desire of the two companies to build a future of excellence for the shipbuilding industry and Navies.
The Alliance is the natural evolution of the historical partnership already existing between two world leaders. With more than twenty years of cooperation, Naval Group and Fincantieri have already achieved success together: as early as the 1990s with the Horizon air defence destroyer programme (four ships) and with the FREMM multi-mission frigate program ongoing since 2005 (twenty vessels).
Naviris paves the way to the consolidation of European naval defence in response to the increasing pressure of worldwide competitors. Through Naviris, Fincantieri and Naval Group are pooling their strengths to develop a new strategic capability and respond in an innovative way to the needs of their customers.
The two companies have established that Naviris is a 50/50 joint venture. With the head office located in Genoa with a subsidiary in Ollioules, the Naviris team will focus on bi-national and export projects. Underlining the strategic and developmental will attributed by Fincantieri and Naval Group to the operation, Giuseppe Bono has been appointed Chairman and Hervé Guillou Member of the Board. Claude Centofanti, Chief Executive Officer and Enrico Bonetti, Chief Operational Officer, will run the joint venture. Parent companies are equally represented on the Board of Directors.
Naviris’ objective is to create value for its customers through the following key areas:
- Common R&D projects
- Worldwide proposals
- Prime Contractorship and Design Authority
- Procurement optimization
Naviris foresees export and common French-Italians opportunities, such as the first studies for the Mid-Life Upgrade of the French and Italian Horizon-class destroyers, as well as European projects such as the development of the European Patrol Corvette light frigates.
“We are grateful to have received the unconditional support of our governments for the creation of a new European leader for the strategic sector of naval defense. Together, we will accelerate our technological advance and maintain our key differentiators by combining our R&D capabilities, renovating the products for the benefit of our customers. Naviris opens the way to a real construction of European naval defence.”declared the two CEOs of Fincantieri and Naval Group, Giuseppe Bono and Hervé Guillou.
The governments of both countries provide their full and entire support to the equal-share alliance presented by Fincantieri and Naval Group.
13 Jan 20. David L. Calhoun today assumed the role of president and chief executive officer of The Boeing Company (NYSE: BA).
“With deep industry experience and a proven track record of performance, Dave is the right leader to navigate Boeing through this challenging time in our 104-year legacy,” said Lawrence W. Kellner, chairman of the Boeing Board of Directors. “We’re confident Dave will take Boeing forward with intense focus on our values, including safety, quality and integrity.”
“We also want to thank Greg Smith for his leadership as interim CEO and are pleased Boeing will continue to benefit from his contributions as he returns to the role of Boeing chief financial officer and executive vice president of Enterprise Performance & Strategy,” concluded Kellner.
Calhoun, 62, has served in various senior leadership roles within several large-scale enterprises including at the Blackstone Group, Nielsen Holdings and GE. During his 26-year tenure at GE, he led multiple business units including GE Transportation and GE Aircraft Engines where safety was paramount. He has served on the Boeing Board of Directors since 2009 and served as chairman from October 11 to December 22, 2019.
“I’m honored to lead the talented people of Boeing as we face our challenges. Working together, we will strengthen our safety culture, improve transparency and rebuild trust with our customers, regulators, suppliers and the flying public,” said Calhoun. “With the strength of our team, I’m confident in the future of Boeing, including the 737 MAX.”
12 Jan 20. Boeing suppliers Hexcel and Woodward to merge in $6.4bn deal. Hexcel Corp (HXL.N), a composites technology company, and aircraft and industrial parts maker Woodward Inc (WWD.O) said on Sunday they would combine in an all-stock merger of equals to create an integrated systems provider for the aerospace and industrial sectors.
The deal between the two U.S.-based companies is valued at about $6.43bn based on Woodford’s Friday close of $121.96, and values Hexcel at $76.23 per share, a premium of 4.5% from Hexcel’s last close, according to Reuters calculations.
The companies said existing Woodward shareholders would own about 55% and existing Hexcel shareholders would own some 45% of the combined company on a fully diluted basis after the completion of the merger.
The combined company, which would form one of the world’s biggest aerospace and defense suppliers, will be named Woodward Hexcel and is expected to generate net revenues of about $5.3bn and EBITDA of $1.1bn for each company’s fiscal-year 2019.
The deal comes as aircraft suppliers struggle with the after-effects of the grounding and halted production of Boeing Co’s (BA.N) 737 MAX.
Boeing is Hexcel’s second-biggest customer, accounting for 25% of its annual sales and makes composite materials used on the MAX airframe and engines.
Woodward gets about 15% of its annual sales from Boeing, its biggest customer. It makes parts including a thrust reverser actuation system for the MAX. The company said last year the MAX grounding weighed on its sales growth.
Boeing has continued to purchase parts from some suppliers at a production rate higher than its own, in order to keep the supply chain fluid and avoid major disruptions when the MAX returns to service.
Hexcel President and Chief Executive Officer Nick Stanage will head the combined company, and Woodward CEO Tom Gendron intends to retire on the anniversary of the closing of the merger, the companies said.
Annual cost synergies of more than $125m by the second full fiscal year are expected and combined free cash flow is forecast to be about $1bn annually.
The combined company, to be headquartered in Fort Collins, Colorado, also plans on repurchasing shares, including executing an expected $1.5bn share repurchase program within 18 months of closing.
The board of directors will have 10 members, with five directors from each company including Gendron and Stanage. (Source: Reuters)
12 Dec 19. Independent technology group Cohort reported first-half revenue of £60.2m on Thursday, rising from £39.5m year-on-year, adding that on a like-for-like basis, revenues were up 17%.
The AIM-traded firm said its adjusted operating profit was £4.0m in the six months ended 31 October, rising from £1.0m, while on a like-for-like basis, adjusted operating profit was ahead 120%.
Adjusted earnings per share were up to 6.94p from 1.99p.
Cohort said its order intake for the period was £77.2m, compared to £45.6m a year ago, while its closing order book stood at £206.7m, compared to £190.9m at the end of April.
Net debt was £6.8m, swinging from net funds of £4.7m a year earlier, and widening from net debt of £6.4m at the start of the period.
The board declared an interim dividend of 3.2p per share, up 12% from the 2.85p distribution announced 12 months prior.
On the operational front, Cohort reported an initial first half contribution from Chess and an improvement in the remainder of the group, particularly at MASS.
At the same time, it announced an agreement to acquire Wärtsilä ELAC Nautik for a headline price of €11.25m, which was expected to complete before 30 June.
Looking ahead, Cohort said a second-half weighting was expected again, and explained that its half-year order book of £206.7m underpinned more than £60m of revenue deliverable in the second half, which, added to revenue delivered to date, was 83% of consensus forecast revenue for the full year, up from 71%.
It said its prospects for more orders in the second half, to further underpin the current year and the next, were “good”.
Full-year performance was expected to be in line with market expectations.
The board said the acquisition of ELAC represented a “significant strategic step”, furthering its expansion in defence products and export markets, particularly the naval sector.
“Cohort delivered an improved result compared to the same period last year, due to a combination of an initial first half contribution from Chess and an improvement in the underlying group, particularly at MASS,” said chairman Nick Prest.
“The order book of nearly £207m underpins a significant proportion of the second half revenue, and, as in recent years, we expect a stronger second half.
“The board expects Cohort’s performance in 2019/20 will be in line with market expectations.”
Prest added that the acquisition of ELAC would represent a “significant expansion”, adding a profitable and growing sixth stand-alone business to Cohort’s portfolio.
“It furthers our strategy of expanding in defence products and export markets.”
At 1205 GMT, shares in Cohort were up 3.09% at 617.5p.