04 Oct 06. California’s top prosecutor yesterday filed criminal charges against Patricia Dunn, Hewlett-Packard’s ousted chairman, and four others in connection with the computer maker’s controversial investigation probe into boardroom leaks. The charges, expected for weeks, marked a low point in a spying scandal that has sullied HP’s reputation as a paragon of corporate virtue and thrown a spotlight on the shadowy world of company investigations. (Source: WSJ)
04 Oct 06. Thales Expects Go-Ahead To Acquire ADI. The French defense group Thales expects to receive Australian government authorization later this month to acquire the 50 percent stake in ADI of Australia it does not already control, a press report said here Oct. 4. Thales in March announced plans to buy the remaining 50 percent of ADI, a transaction valued by the newspaper La Tribune at more than €100m($127m). The Australian government has until October 15 to object to the deal. But Thales chairman Denis Ranque, during a visit to Australia in early September, was assured that Australian authorities would not block the takeover, according to La Tribune. It said the acquisition will help Thales boost its presence in Australia despite the close ties between the Australian and U.S. military industries.ADI, privatized in 1999, has annual sales of around €500m. (Source: Defense News)
28 Sep 06. L-3 Communications TRL Technology (L-3 TRL Technology), a subsidiary of L-3 Communications, is the latest company to join L-3 Communications Integrated Systems (L-3 IS), headquartered in Greenville, Texas, USA. This announcement follows the recent acquisition of defence electronics specialist TRL Technology by L-3 Communications. Tewkesbury-based TRL Technology will continue to operate under its current name from its existing UK locations, led by President Peter McKee and supported by the current management team and staff of over 280.
02 Oct 06. Chemring Group PLC has acquired the entire issued share capital of BDL Systems Limited for a cash consideration of £9m. BDL, based in Poole, Dorset, manufactures radio frequency initiators and hard-wired exploders used for the remote detonation of demolition charges, primarily for bomb disposal. It also manufactures electronic countermeasure equipment and under-vehicle surveillance systems, and supplies third party bomb-disposal equipment to help military and homeland security forces counter the ever-increasing threat of Improvised Explosive Devices (IEDs). In the year ended 31 March 2006, BDL reported an audited profit before tax (after non-recurring costs of £0.2m) of £0.97m on turnover of £4.7m. Gross assets as at that date were £3.1m. The acquisition is expected to enhance Chemring’s earnings in the first full financial year post-completion. BDL’s range of products complements the bomb-disposal and demolition stores currently produced by Chemring’s Energetics division, and BDL and Chemring have worked together for many years selling each other’s products. In addition, BDL’s strong presence in IED protection and new geographic regions opens further growth opportunities for the Group. BDL will become part of Chemring’s Energetics division which now has operations in the UK (Derby, Portsmouth, Ardeer and Corsham), the US, Germany, Spain and Australia.
29 Sep 06. Shareholders in Filtronicare today set to endorse a radical restructuring by agreeing the sale of itslargest and most profitable business.
The company is also cutting links with David Rhodes, the founder and chairman of almost 30 years. may mark the beginning of a break-up of the electronics company after a chequered history and a recent record of disappointing investors. An extraordinary meeting today is expected to approve the sale of Filtronic’s wireless infrastructure business to Powerwave, a US competitor. The division generated nearly 80 per cent of group sales last year and operating profit of £5.5m, whereas the whole group registered operating losses of £4.2