09 Jun 05. French Defense Minister Michèle Alliot-Marie called June 8 for state-owned DCN and systems house Thales to hurry up and agree to a naval merger, pushing the companies to create an integrated champion in marine warfare in a matter of weeks. Alliot-Marie told a conference that efficiency in Europe’s defense sector lay in cooperative programs and the creation of companies of at least European scale. “It is essential to move quickly in consolidation moves,” she said. “I would like to see the alliance between DCN and Thales agreed in the next few weeks.”
07 Jun 05. Kaman Corp. is considering combining its two classes of common stock into one type of voting common shares to simplify its capital structure.The company also declared a 13.6 percent increase in its annual dividend. Under the proposed stock changes, a single class of voting common stock would replace the companies existing two tier system with nonvoting class A shares and voting class B shares. The board has approved the idea and Kaman said it expects to institute the change by the third quarter. Separately, Kaman said it is increasing its annual dividend to 50 cents a share from 44 previously. The dividend increase does not depend on the stock recapitalisation, Kaman said.
26 May 05. Babcock International Group: Preliminary Results. Babcock announced preliminary results for the year ended 31 Mar 05. Sales rose to £760m (£452m in 2004) and profit before tax £28.4m (£19.8m). The order book was valued at £1,200m on 25 May 05. The company subsequently announced (2 Jun 05) that the MoD had extended the partnering agreement at HM Naval Base Clyde by five and a half years until 2013. The order book thus rose by a further £400m to £1,600m. Comment: Babcock has been converted from an engineering conglomerate to a support services business. Following the June 2004 acquisition of Peterhouse, sales to the MoD have fallen from 70% of turnover to approximately 50%. The Chief Executive drew attention to Babcock’s participation in the aircraft carrier programme and he expressed confidence that Rosyth would be the location selected for the assembly and integration of both ships. (Source: DNA DEFENCE NEWS ANALYSIS, Issue 05/22, 06 Jun 05)
03 Jun 05. Honeywell International Inc. is reorganizing its aerospace division beginning next month, a move analysts suggest could lead to around 2,000 jobs being cut. Honeywell aerospace spokesman Bill Reavis Friday said the Morristown, N.J.-based conglomerate will be cutting jobs but hasn’t determined the number or whether it will be closing any facilities. The reorganization is intended to simplify the unit’s structure and make it easier for customers to work with the company. Honeywell couldn’t provide specifics on charges it will take, as it is still making decisions on the changes. “As we identify the people involved, we’ll take the appropriate charges,” Reavis said. Those charges will occur between now and the end of the year. Honeywell Aerospace is currently aligned by product groups like engines and electronics. Honeywell aerospace makes engines for business and regional aircraft and helicopters. It also sells aircraft electronics, wheels and brakes. The company isn’t selling any businesses in the reorganization. The business will realign to focus on three sectors: air transport and regional transport; business and general aviation; and defense and space.
09 Jun 05. DRS Technologies, Inc. (NYSE: DRS – News) has received the Boeing Golden Eagle award from The Boeing Company (NYSE: BA – News). The award was presented to the company’s DRS EW & Network Systems unit in Buffalo, New York, in the category of Flawless Execution as a member of Boeing’s Strategic Brigade Airdrop (SBA) team at a ceremony in Long Beach, California in April. As part of the SBA team, DRS previously had won the Boeing Silver Eagle award in early March, which was a prerequisite for qualifying for the Golden Eagle award. The Boeing Golden Eagle awards a