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19 Nov 21. Rheinmetall takes over Zeppelin Mobile Systeme – Acquisition in the mobile medical technology sector strengthens position in key international market. On 18 November 2021 Rheinmetall AG of Düsseldorf took over the company Zeppelin Mobile Systeme GmbH (ZMS). Located in Meckenbeuern on Lake Constance in southwest Germany, the company specializes in container and shelter solutions for crisis zones. It will now be integrated into the growing subsidiary Rheinmetall Project Solutions GmbH, in which the Group’s resources and capabilities for supplying services for armed forces and security services are bundled. The acquisition beefs up Rheinmetall’s portfolio in systematic fashion, enabling the Group to serve this key international market even more comprehensively.
With some 90 employees and its own production facilities, ZMS brings to Rheinmetall engineering and integration expertise as well as longstanding experience in the sector, which will contribute materially to achieving growth in this important new field.
Among the specialized company’s most important products are container and shelter solutions that are primarily used for mobile medical facilities in the civil sector as well as military command centres. These products and the accompanying expertise in integrating technical and medical equipment and expanded infrastructure are increasingly used worldwide when setting up and providing forward operating bases for deployed forces. ZMS’s container and shelter solutions create an operating environment in crisis-torn regions in all climate zones that would ordinarily be possible only with fixed infrastructure. Produced in accordance with individual customer requirements, customer-specific fabrication of these mobility solutions forms the basis of this steadily growing sector. The company’s product portfolio therefore fits in perfectly with the Rheinmetall Project Solutions business model.
Background: An international growth market
In line with a global trend, armed forces and other essential users are increasingly turning to service providers to supply support activities other than core military tasks. Experts assume that annual volume in this market segment comes to around €350bn.
Rheinmetall Project Solutions supplies armed forces and security organizations with services from a single source, including operational support, depot logistics and the disposal of unused ammunition. In doing so, the company draws not only Rheinmetall’s comprehensive range of products, but also builds on the Group’s longstanding experience in the field of operational and service support. The spectrum encompasses project management, engineering and design expertise, integrated logistic services, creating infrastructure, sensors surveillance and force protection systems, as well as providing specialized personnel – including in hazardous areas of operation.
In August 2021 the German Bundeswehr entered a framework agreement with Rheinmetall Project Solutions to furnish billets during deployed operations. The agreement was concluded with the Federal Office for Infrastructure, Environmental Protection and Bundeswehr Services, or BAIUDBw. A trusted partner, Rheinmetall is one of three companies selected by the Bundeswehr to supply troop accommodation during deployed operations. In addition, the Bundeswehr has contracted with the company to furnish tethered balloons, also known as aerostats, for monitoring the perimeter of a forward operating base.
Rheinmetall is eager to serve its customers as a one-stop shop for their complete range of needs. In this context, Rheinmetall can plan and furnish billets in forward operating bases; construct hardened facilities; take charge of surveillance and monitoring, including the deployment of state-of-the-art sensors and robotics; as well as operating the base, including provision of logistics support and staff. Finally, once the mission is complete, Rheinmetall takes charge of dismantling the facility. To expand its portfolio in this area, cooperation with other companies is planned, as are further acquisitions.
18 Nov 21. ATEX safety company Pyroban acquires specialist MEWP manufacturer Euro Access. Explosion proof safety company Pyroban® has announced the acquisition of specialist work platform manufacturer Euro Access® Ltd in Cork, Ireland. The purchase completed on 17th November 2021 and has allowed the original founders to retire knowing their legacy will live on in a company they have trusted for more 20 years.
Euro Access, founded in 1996, manufactures ground support equipment specifically used for the maintenance of military aircraft. The specially designed access platforms enable maintenance engineers to reach the nose cone and other confined areas of the fighter jets.
“The area around each aircraft is formally classified as Zone 1, meaning a potentially explosive atmosphere is likely to occur during normal operations, so the access platform must be explosion proof and meet ATEX 2G compliance,” says Steve Noakes, Managing Director of Pyroban. “To support safety, Pyroban was involved in the equipment’s original design process and certification in the 1990s with Euro Access’ founders Paul and Michael.”
Since then, Pyroban has continued to supply Euro Access with hundreds of explosion proof kits which are fitted on the production line in Cork, Ireland. The strong relationship that developed led the founders to approach Pyroban as a suitable new owner in early 2021.
“Euro Access fits perfectly within our portfolio because it has great synergies with Pyroban’s innovative, safety-driven culture and bespoke engineering capabilities,” says Steve. “It is also aligned with our existing support for many organisations in the military and aerospace sectors and opens up further opportunities to expand our offerings. We are proud to be the new owners of Euro Access, starting a new and exciting chapter in the long-standing relationship.”
Euro Access was started by Paul and Michael who had previously worked for leading MEWP (Mobile Elevated Work Platform) manufacturers. They saw an opportunity to develop the specialist equipment due to their technical knowledge, understanding of the military application, and ATEX experience. The company soon became an Approved supplier to BAE Systems Ltd. (British Aerospace) and the wider military partnerships globally.
“Euro Access has been our passion for the last 25 years, but it is time for us to retire and let our legacy live on with a strong custodian that has the same values, principles and engineering excellence,” says Paul.
Sussex (UK) based Pyroban provides explosion protection conversions for materials handling equipment, including many other brands and types of MEWP. It also delivers and maintains explosion protected diesel engine packages and kits for well service applications. Pyroban is part of the Longacre Group, with strong financial backing to support ambitious acquisition plans over the next five years.
18 Oct 21. Embraer and Fokker join up for defense, development and support opportunities. Brazilian planemaker Embraer SA and Dutch aerospace companies signed an agreement on Monday to explore opportunities in defense and commercial aviation, including potential new configurations for its C-390 military transport plane. In the commercial aviation market, the agreement with Fokker Techniek and Fokker Services will seek to open opportunities in engineering and logistic support, in addition to development of hydrogen-powered aircraft, Embraer said in a statement. Embraer is the world’s third-largest commercial plane maker.
“There is huge potential for both companies in the development of opportunities together,” said Jackson Schneider, chief executive officer of Embraer Defense & Security.
“This is a very important step for Embraer’s strategy to establish meaningful and strategic partnerships around the globe,” he said at the signing ceremony in Woensdrecht, the Netherlands. (Reporting by Anthony Boadle in Brasilia Editing by Matthew Lewis) (Source: Reuters)
17 Nov 21. NIC4, a division of Network Innovations, Inc., announces the acquisition of U.S. government contractor, Knight Sky LLC. The acquisition will effectively combine the expertise of both companies, enhancing the development and delivery of agile, secure and mission critical connectivity solutions for the collective clients of each organization. NIC4 will complement the existing Knight Sky managed network services with advanced technologies in the NIC4 MAVERICK VSAT services and will add additional resources and support to Knight Sky’s contracted U.S. Space Force Space Enterprise Consortium (SpEC) SATCOM Enterprise Management & Control (EM&C) Program.
Since 2003, Knight Sky has established a track record of serving critical mission customers, becoming a full-service satellite network operator and information technology services provider. Its focus has been on the design, installation and operations of mobile communications networks, information technology services, systems integrations and enterprise applications. In addition, Knight Sky is delivering software development solutions to the U.S. Space Force EM&C Program.
For NIC4, the decision to acquire Knight Sky LLC completes a critical part of its mission in enabling clients to operate anywhere. Leveraging Knight Sky’s knowledge and experience, this expanded partnership will only improve the delivery of reliable communication to U.S. government and military clients.
“We’re excited to welcome Knight Sky LLC, along with its team, to NIC4,” says Chad Gatlin, Chief Executive Officer, NIC4. “We’ll be able to create more valuable solutions, combining key capabilities from both sides to enhance the successful design, development and delivery of technology solutions for military, public safety and government agencies. Overall, we’ll be stronger together.”
16 Nov 21. Fleet Space Technologies secures $26.4m (USD) in Series B funding to enable global satellite connectivity for Internet of Things. Today Fleet Space Technologies secures $26.4m (USD) in Series B funding, confirming confidence in Fleet Space advanced nanosatellite technology set to drive radical Internet of Things (IoT) efficiencies. The Series B capital raise, which secures a valuation of the company at $126m (USD), is led with follow-on money from Artesian Venture Partners, Blackbird Ventures, Grok, and Horizons Ventures with major commitments from new investors including Alumni Ventures, Hostplus, the South Australian Venture Capital Fund (SAVC) and In-Q-Tel. The balance of new institutional investors and reinvestment from existing investors is testament to successful execution of Fleet Space’s commercial and technical plans since the company’s Series A raise in September 2019.
Flavia Tata Nardini, CEO and Founder, Fleet Space Technologies, says, “This investment secures the long-term sustainable growth of Fleet Space and is a global endorsement of the power of the rapidly growing Space technology sector. Our nanosatellite technology is proven and this capital injection is testament to confidence in our commercial model. We are ready to scale and realise the full potential of IoT technology to secure planet-wide coverage of ms of industrial devices. This will save bns of dollars for organisations in lost value while preserving precious resources and reducing carbon emissions.”
Jonathan Meltzer, Partner at Alumni Ventures, adds, “Fleet Space Technologies has delivered on their promise to unlock the potential of the Internet of Things through their proprietary nanosatellite technology. We are proud to be part of an ambitious new growth phase that will widen Fleet’s satellite network and more broadly serve critical infrastructure in remote locations.”
Niki Scevak, Partner at Blackbird, says, “Fleet’s ambition, grit and ability to deliver has impressed us from day one and continues to impress us today. Flavia and the team have shown incredible progress and we’re excited to back their continued growth with this latest round.”
The Series B represents not just a firm commitment to Fleet Space Technologies, but a firm commitment to Australia’s rapidly emerging space industry, representing the creation of 70 new jobs, including many desirable science, technology, engineering and maths (STEM) positions.
Fleet Space Technologies is Australia’s leading space company. It operates from a state-of-the-art HQ in Adelaide, South Australia, a region rapidly emerging as a global centre of excellence in space and advanced aerospace technologies. The company has designed, built and launched the country’s only commercial NanoSatellites and has six satellites already in orbit as it works towards a mission towards building a constellation of 140 small satellites in Low Earth Orbit. (Source: PR Newswire)
17 Nov 21. UAE venture capital fund targets overseas SMEs. The UAE Strategic Development Fund has money to invest in international start-ups. Fresh from increasing its stake in autonomous systems firm Marakeb Technologies, the UAE Strategic Development Fund (SDF) on 16 November announced venture capital funding of AED551.2m ($150m) for various defence, security and aerospace SMEs in the country and overseas.
Abdulla Naser Al Jaabari, SDF MD and CEO, said: ‘We are targeting emerging companies in specific strategic sectors that have high growth potential and global scalability, especially in the markets of the UAE, the Middle East, the European Union, the United Kingdom, and other potential markets.’
He added that 85-90% of the latest venture funding would be invested directly into companies with the remainder earmarked for indirect investments that would support diversification and access to co-investment opportunities.
SDF — the investment division of the Tawazun defence procurement authority in the UAE — has already closed four deals worth around AED110 m, ‘including three direct and one indirect investment’, Al Jaabari noted.
The fund recently invested in HawkEye 360, a US company specialising in space-based RF data and geospatial analytics, and two Israeli firms: low-cost SATCOM company hiSky and TriEye, which provides complementary metal-oxide-semiconductor-based short-wave IR sensors.
‘It is expected that the Fund will close two additional investments by the end of this year, bringing the total Venture Capital investments to six with an expectation to deploy the remainder over the next 18-30 months,’ the SDF noted. (Source: Google/Shephard)
16 Nov 21. UK announces national security probe of Nvidia’s $54bn Arm deal. Phase 2 investigation into transaction ordered on public interest grounds. Nvidia’s chief executive Jensen Huang has said he has no intention of ‘throttling’ Arm’s supply to any customer. The British government has launched an in-depth investigation into US chipmaker Nvidia’s takeover of the UK-based technology company Arm on national security grounds, throwing another hurdle in the path of the $54bn deal. Digital and culture secretary Nadine Dorries has ordered a phase 2 investigation into the transaction on public interest grounds, meaning it will now be subject to a full-blown probe into antitrust and security issues. The UK competition watchdog uncovered “serious competition concerns” with the deal in July. In a letter to the parties published on Tuesday, the government said: “The secretary of state believes that the ubiquity of Arm technology makes the accessibility and reliability of Arm IP necessary for national security.”
Arm’s chip designs are used by almost all smartphone manufacturers. The government said the National Cyber Security Centre had also identified “a number of potential risks to national security” as a result of the deal. In a statement, Dorries said Arm had a “unique place in the global technology supply chain and we must make sure the implications of this transaction are fully considered”. Nvidia agreed to buy Cambridge-based Arm — once one of the crown jewels in Britain’s tech sector — from Japan’s SoftBank last year in the largest-ever deal in the global semiconductor industry. The bid has since been bogged down by regulatory probes in the UK, Brussels and China, forcing Nvidia to admit in August it was unlikely to be able to clear the deal within 18-months as it had hoped. Nvidia said on Tuesday: “We plan on addressing the CMA’s initial views on the impact of the transaction on competition, and we will continue to work with the UK government to resolve its concerns.” It said the deal would “help to accelerate Arm and boost competition and innovation, including in the UK”. Arm’s designs are used in devices including smartphones, smart TVs and self-driving cars, and relied heavily upon by Nvidia’s rivals — something regulators find problematic. The Competition and Markets Authority found “serious competition concerns” with the deal in the summer, claiming Nvidia could harm competitors by cutting off access to Arm’s technology, or raising prices. Nvidia has promised to maintain an open licensing model and chief executive Jensen Huang has said he has no intention of “throttling” Arm’s supply to any customer.
The CMA will now have 24 weeks to conduct its investigation before delivering a final report to the government, and can extend that deadline by a further eight weeks. Regulators in the EU are also concerned that Nvidia could undermine its rivals and dampen innovation through its purchase of Arm. The deadline for that probe is March 15 2022, though it could be extended, further pushing out the deal timeline. Launching the probe last month, Margrethe Vestager, the EU’s executive vice-president in charge of competition and digital policy, said: “Our analysis shows that the acquisition of Arm by Nvidia could lead to restricted or degraded access to Arm’s IP, with distortive effects in many markets where semiconductors are used.” Despite regulatory pressure, Masayoshi Son, the chief executive of Arm’s Japanese owner SoftBank, told investors earlier this month that he expected the deal to be cleared. During an earnings call, he said: “Regulators want to review very carefully, and they have gone into second stage, but I still believe that review should be completed successfully.” (Source: FT.com)
15 Nov 21. COMSovereign Reports Third Quarter 2021 Financial Results. Company Utilizes Internal Engineering and Expands Component Sourcing to Address Ongoing Supply Chain Disruptions.
COMSovereign Holding Corp. (NASDAQ: COMS and COMSP) (“COMSovereign” or the “Company”), a U.S.-based developer of 4G LTE Advanced and 5G communication systems and solutions today reported financial results for the third quarter ended September 30, 2021.
- For the three months ended September 30, 2021, total revenues were approximately $4.1m, an increase of approximately 103% compared to approximately $2.0m for the three months ended September 30, 2020, driven largely by sales at the Company’s Fastback and Sovereign Plastics business units. Sequentially, quarterly revenues in the third quarter of 2021 increased over 14% versus revenue for the second quarter of 2021. For the nine months ended September 30, 2021, revenues were approximately $9.8m compared to approximately $7.5m, representing an increase of approximately 31%.
- Revenue growth in the third quarter of 2021 continued to be impacted by the global shortage of key components and tight supply chain conditions as well as the delay in the awarding of several government contracts. The Company is currently taking steps to mitigate the impact of supply chain and parts shortages through additional component sourcing and the internal redesign of certain radio subsystems.
- Gross profit for the three months ended September 30, 2021, was approximately $2.3m, representing a gross margin of 55%, an improvement from a gross profit of approximately $1.2m or 48% reported for the three months ended September 30, 2020. Gross margins in the third quarter of 2021 also continued to sequentially improve from the 50% reported in the second quarter of 2021.
- For the three months ended September 30, 2021, total operating expenses increased to approximately $12.7m compared to approximately $7.9m for the three months ended September 30, 2020, due to the expanded size of the business, increases in professional services including accounting and legal, and staffing levels across the organization. As part of ongoing integration activities at its three core business units – Global Telecom, Sky Sovereign and Power Supplies – it has implemented several business process improvements, staff re-alignment and cost cutting programs it believes will reduce total operating expenses in the fourth quarter of 2021 and throughout 2022.
- As of September 30, 2021, the Company ended the quarter with approximately $2.9m in cash and approximately $10.8m invested in inventory and $6.7m in pre-paid expenses. This significant increase was planned and reflects inventory builds anticipated to meet customer demands, primarily for radios and related hardware, for the remainder of the year and into 2022. In October, the Company completed an offering of 9.25% Series A Preferred Stock raising $8.0m in gross proceeds. Following this transaction, the Company has paid down approximately $2.75m in outstanding debt.
- Investors can view the complete 10-Q filing at www.sec.gov or on the Company’s website at https://investors.comsovereign.com/SEC-Filings
“Third quarter results reflect continued progress across the business highlighted by the initial resumption of increased production at Fastback. The ability to scale-up radio production while addressing constraints caused by chip shortages and supply chain disruptions, is a significant achievement and one that demonstrates the unique value we have built in our domestic production and supply chain business model. Although revenue in the quarter was below expectations, our team continues to adapt to the challenges by leveraging our internal design and production capabilities to meet customer needs,” said Dan Hodges, Chairman and CEO of COMSovereign Holding Corp.
Third Quarter Business Highlights:
- Fastback resumed the volume production of its Intelligent Backhaul Radios (“IBRs”) enabling it to begin fulfilling $8.7m in open orders with a tier one network operator. As a result of improved postproduction testing and component sourcing, the Company is currently ahead of schedule and is expected to complete delivery against these open orders this month.
- DragonWave expanded its sales and distribution activities with the introduction of the “Extend”-line of Ultra high-capacity and long-range mmWave radios designed to reliably deliver multi-gigabit connections up to 6 miles (10km) or more with fiber-equivalent reliability of 99.999%. Extend combines the robust and highest power packet microwave technology of DragonWave’s Harmony product line with market-leading performance of Siklu’s EtherHaul™ E-Band (70/80 GHz) radios. This single solution is designed to address the need for long-range, ultra-high capacity, cost-effective and ultra-reliable wireless connectivity by mobile network operators, rural broadband, and wireless internet service providers (WISPs), public safety organizations, as well as city, state, and local municipalities.
- In August, the Company announced the initial closing of its acquisition of Saguna and its innovative 5G mobile edge computing (MEC) software. As a critical enabling technology for 5G, Saguna is already powering the fastest 5G network in the world and has advanced a series of development deployments with major enterprises and operators. These efforts include a new partnership announcement from Hewlett Packard Enterprise (HPE) and StarHub who have teamed up to help enterprises and government clients move time-critical workloads such as artificial intelligence (AI), automation, data analytics, machine learning (ML), and mission critical communications closer to wherever customers require ultra-low latency performance.
Hodges concluded, “We remain optimistic about the many opportunities which lay ahead of COMSovereign. Unlike many in our industry, we are very fortunate to have the unique ability to tap internal resources like Sovereign Plastics and Silver Bullet Technologies and our own domestic supply chain to design-out or eliminate difficult to find componentry and secure alternative sources of production. This capability will continue to be a valuable competitive advantage as we introduce a number of new communication products across our businesses later this year which we expect will contribute to strong growth throughout 2022.” (Source: PR Newswire)
16 Nov 21. Thales enters into exclusive negotiations to acquire RUAG International’s Simulation & Training business.
- Entry into exclusive negotiations on the acquisition of RUAG International’s Simulation & Training business.
- This acquisition project aims to reinforce Thales’ relationship with the Swiss Army as well as complement Thales’s industrial presence in the Land Simulation & Training market, and strengthen Thales’ footprint in Europe and the UAE
- Combined Thales Training & Simulation business (Thales T&S) and RUAG International’s Simulation & Training businesses (RUAG S&T) will provide the market with advanced training and simulation solutions combining world-class live and synthetic expertise as one of the main European players in this segment.
- By integrating RUAG International’s Simulation & Training business, as part of the Group’s digital strategy, Thales will accelerate its move towards more environmentally efficient and digital training solutions for armed forces, in line with Thales’s ESG commitments.
Thales (Euronext Paris: HO) and RUAG International announce today that they are entering into exclusive negotiations on the acquisition of RUAG International’s Simulation & Training Business (RUAG S&T).
Thales’s Training & Simulation business (Thales T&S) designs and delivers training capabilities for armed forces, civil and government helicopter operators worldwide. Thales T&S also acts as an industrial partner for the co-development of large-scale systems of systems for defence programmes. With 1,000 employees, the business has industrial sites in France, the United Kingdom, Germany and Australia as well as joint ventures and training sites in the USA, Middle East and Europe.
RUAG International’s Simulation & Training business (RUAG S&T), develops sophisticated training technologies for Land Forces. It has a strong track record in training services and benefits from a solid market reputation, long-term contracts and decades of investment in products and technologies. RUAG S&T is engaged in significant contracts including with ARMASUISSE and other key customers. It employs more than 500 people in four countries and is expected to generate sales of 100 m Swiss francs in 2021 (86 m euros).
RUAG S&T’s footprint is highly complementary to Thales T&S’s, with operations in Switzerland, France, Germany and the UAE and therefore will strengthen Thales’ international presence in these markets. Together RUAG International and Thales aim to build long-term success through the complementarity of Thales’s synthetic training background with RUAG International’s live training background. The combination of these two activities will accelerate the deployment of the next generation of hybrid solutions to encompass the three key dimensions of live, virtual and constructive training. The new entity will also boost Thales’ capacity to accompany the digitization of land forces’ training.
Already benefiting from a first experience of a major programme, jointly developed within the framework of CERBERE – the French Army’s landmark training programme – the new structure will provide customers across the world with a portfolio of high-performance products. It also aims to offer extended services to support force readiness and development of new operational concepts, securing the continuity of the training services operated for ARMASUISSE to ensure the operational preparedness of the Swiss Army.
Employee representative bodies of both Thales and RUAG International will be consulted as part of the project.
The closing of the transaction is expected in 2022 upon completion of regulatory clearances process.
“We are delighted to welcome the RUAG Simulation & Training staff. Together with Thales teams they will bring further expertise in the training and simulation field for land forces.
The training and simulation market is growing and increasingly digital. Greater use of simulation from concept definition to operations increases effectiveness and helps live training to address cost and environmental challenges. With this project, Thales strengthens the digitization and European footprint of its Training & Simulation activity to support its customers’ ambitions in an ever more complex world.” Yannick Assouad, Executive Vice President Avionics, Thales
“We are delighted to have found a leading industry partner in this field in Thales. With its experience and global presence, it brings with it the very best prerequisites to continue and expand the business activities in the Simulation & Training area and leverage the existing skills of our highly specialised training experts.” André Wall, CEO RUAG International
15 Nov 21. GE Aviation is ready to look at acquisitions to top up its portfolio with technologies that could help it shape the future of flight, without waiting for a planned break-up of its parent General Electric Co (GE.N), its top executive said on Monday.
“(If there is) alignment with our strategic goals and assuming that the business case makes sense, we are open to look at opportunities,” GE Aviation Chief Executive John Slattery told Reuters.
“I want to be clear that our opportunities to be strategic in the marketplace are effective today,” he said in an interview at the Dubai Airshow, adding such opportunities “probably run deeper and wider” in systems such as electric power systems than in jet engines.
“We do want to grow; the opportunities are there within our ecosystem of aerospace and defense so there will be plenty of opportunities for growth,” Slattery said.
He stressed the world’s largest aero engine maker felt under “no undue pressure” to make external investments.
General Electric (GE) last week announced plans to spin off its businesses into three public companies, marking the end of the 129-year-old conglomerate. read more
The Boston-based company will separate the healthcare company in early 2023. It will combine GE Renewable Energy, GE Power and GE Digital and spin off the business in early 2024.
Following the split, it will become an aviation company, helmed by Chairman and Chief Executive Larry Culp.
The aviation company will inherit GE’s other assets and liabilities, including its runoff insurance business.
Slattery said GE Aviation had not been placed under any restrictions by Culp or the board limiting its ability to look at adjacent technologies “or other inorganic opportunities” – as long as they fit the strategy and have a good business case.
“If they do, we are not time-bound in terms of waiting until the spin-offs occur,” Slattery said.
“I think it is probably fair to say the opportunities to broaden the aperture … probably run deeper and wider in our systems business than they would in inorganic (acquisition) opportunities on the commercial or military engine front.”
Analysts say high-tech systems and associated technologies are key to the future of aircraft which will see a more seamless integration between powerplants and airframes than in the past.
GE Aviation’s main competitor in engines for in-demand narrowbody commercial jet engines and in military jet engines, Pratt & Whitney, is part of the Raytheon Technologies (RTX.N) conglomerate that combines a broad slate of aircraft systems.
In the past three years, Culp has focused on reducing debt by selling assets.
After a $30bn deal in March to merge GE’s jet-leasing unit with Ireland’s AerCap (AER.N), Culp said GE would look to “play more offense” to grow its industrial business.
Since then, the company has pursued “bolt-on” acquisitions in the healthcare space. read more
GE and French partner Safran (SAF.PA) have announced proposals for a new open-fan jet engine that would include some hybrid-electric power, while electrification is seen as one promising path for decarbonisation of smaller aircraft.
Current-generation engines and aircraft systems are already interconnected to a growing extent, generating service revenues.
Systems and other items generated about $4.5 bn in revenue in 2020, accounting for about one-fifth of GE Aviation’s revenue. The share went up from 13% in 2019 as revenues from commercial engines and services were depressed by COVID-19.
GE has not described the new structure in detail.
Asked about his role after the planned GE break-up, Irish-born Slattery said GE Aviation would continue to exist as a unit within an aero-focused GE and that he would continue to run it under Culp after joining from Brazil’s Embraer last year.
GE would also independently hold equity interests in AerCap and Baker Hughes as well as a number of legacy liabilities that would be managed independently of GE Aviation, he said.
“I am excited about the opportunity to continue to work with Larry in the years ahead and to learn from him and to fly his wing and let him fly my wing,” Slattery said. (Source: Reuters)
15 Nov 21. Serco (SRP) has upped its annual profit and revenue guidance due to high volumes of pandemic-related work. The outsourcer – which helps run the government’s test-and-trace scheme – said its Covid-19 workload in the UK and Australia has been larger than expected, and has continued for longer. It added that a number of contracts have performed better than expected, notably immigration contracts in the UK and Australia, and a healthcare insurance contract in the United States. Revenue for 2021 is now expected to be around £4.4bn, up from previous guidance of £4.3bn, while underlying trading profit is expected to reach £225m, up from previous guidance of £200m. However, Serco said the factors driving its performance are ‘unlikely to repeat’, and that there will be lower demand for Covid-19 related services in 2022. It expects this to be ‘partially offset’ by new work it has secured. Almost a fifth of Serco’s revenue came from Covid related contracts in the first half of this year. (Source: Investors Chronicle)
15 Nov 21. Italian lawmakers from the co-ruling 5-Star Movement on Monday urged state-controlled defence group Leonardo (LDOF.MI) to avoid selling two units to Franco-German consortium KMW+Nexter Defence Systems (KNDS). KNDS is interested in buying Leonardo’s OTO Melara and Wass units, an Italian political source said on Friday, adding the government wanted to play a key role in the negotiations.
“We learn with concern that Leonardo has put the activities and plants of Oto Melara and Wass up for sale, with the high risk that they will end up with a Franco-German group,” several 5-Star lawmakers said in a statement.
“This is a prospect that we oppose because we are against the idea of our country selling off strategic companies abroad, which should instead remain public and under state control”.
OTO Melara and Wass, which make naval guns and torpedoes respectively, employ more than 1,500 workers at four Italian plants.
According to a separate government source, Rome is seeking a solution that preserves its national interests while leaving the doors open to international cooperation. Italian shipbuilder Fincantieri (FCT.MI) is also in the running to buy the two Leonardo units, sources have told Reuters. (Source: Reuters)
15 Nov 21. NIC4, a division of Network Innovations, Inc., announces the acquisition of U.S. government contractor, Knight Sky LLC. The acquisition will effectively combine the expertise of both companies, enhancing the development and delivery of agile, secure and mission critical connectivity solutions for the collective clients of each organization. NIC4 will complement the existing Knight Sky managed network services with advanced technologies in the NIC4 MAVERICK VSAT services and will add additional resources and support to Knight Sky’s contracted U.S. Space Force Space Enterprise Consortium (SpEC) SATCOM Enterprise Management & Control (EM&C) Program.
Since 2003, Knight Sky has established a track record of serving critical mission customers, becoming a full-service satellite network operator and information technology services provider. Its focus has been on the design, installation and operations of mobile communications networks, information technology services, systems integrations and enterprise applications. In addition, Knight Sky is delivering software development solutions to the U.S. Space Force EM&C Program.
For NIC4, the decision to acquire Knight Sky LLC completes a critical part of its mission in enabling clients to operate anywhere. Leveraging Knight Sky’s knowledge and experience, this expanded partnership will only improve the delivery of reliable communication to U.S. government and military clients.
“We’re excited to welcome Knight Sky LLC, along with its team, to NIC4,” says Chad Gatlin, Chief Executive Officer, NIC4. “We’ll be able to create more valuable solutions, combining key capabilities from both sides to enhance the successful design, development and delivery of technology solutions for military, public safety and government agencies. Overall, we’ll be stronger together.”
11 Nov 21. Planet Enters Into An Agreement To Aquire VanderSat. Planet has entered into an agreement to acquire VanderSat, a provider of advanced Earth data and analytics. Under the agreement, Planet is set to acquire VanderSat for approximately $28m, which consists of $18 m in shares of Class A common stock of Planet Labs PBC, valued at a per share price equal to the closing price of Class A common stock of Planet Labs PBC on the NYSE on the last trading day prior to the consummation of the acquisition of VanderSat, and approximately $10m in cash.
Vandersat’s products help customers better measure and understand water management and crop health in major markets. Planet intends to leverage VanderSat’s technologies and products in further pursuit of bringing to market next-generation solutions that combine the best of commercial and public satellite data to provide clear and actionable information to help industries, non-profits, and governments around the world.
VanderSat has expertise in providing insights to customers by drawing from NASA, ESA and JAXA satellite data and has built a suite of products that report on key conditions on the Earth’s surface, such as soil moisture, land surface temperature, vegetation optical depth, and biomass. VanderSat’s unique algorithms deliver daily, global data products with great accuracy, unhindered by changing cloud-cover and atmospheric conditions.
At Planet, one of the company’s goals is to bridge the gap between real-world problems and the complexity of remote-sensing science. VanderSat is another step toward that goal with their advanced analytics. Planet believes their products will accelerate and expand the firm’s position in one of the company’s most important verticals – agriculture – and help mature the offerings for others such as insurance, civil government and finance. For example, easier-to-consume data can enable modeling to help financial institutions and insurers quantify climate impacts on water availability and crop production.
This transaction is expected to close in Q4 2021 and is subject to customary closing conditions, as well as the closing of Planet’s business combination with dMY Technology Group, Inc. IV (“dMY IV”). This will be Planet’s fourth acquisition (BlackBridge ‘15, Terra Bella ‘17 and Boundless ‘19).
The VanderSat team is based in Haarlem, Netherlands, and will further increase Planet’s commitment to the European ecosystem. The entire team, including their founder, Dr. Richard de Jeu and CEO Dr. van Leeuwen, will be joining Planet.
“VanderSat is a mission-driven company with the goal to serve one bn hectares of land in 2024. By joining Planet, our mission and impact will be dramatically accelerated and together, we aim to reach that goal in 2022,” said Dr. Thijs van Leeuwen, CEO of VanderSat.
“We’re thrilled to be welcoming the VanderSat team to Planet. We expect VanderSat’s analytics and industry expertise will help Planet provide solutions ‘up the stack’ to bridge the gap from complex remote-sensing science to products that offer improved data to the ecosystem and our customers. And when one combines their new data with Planet’s, the value is far greater than the sum of its parts,” said Will Marshall, CEO and Co-Founder of Planet. “We believe VanderSat’s products will add value in Planet’s core verticals of agriculture, and civil government, and will help us open up to others such as insurance and banking, to help grow our business.” (Source: Satnews)
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TCI International, Inc., is a wholly-owned subsidiary of SPX Corporation. TCI provides turn-key solutions for spectrum management and monitoring, direction finding, geolocation and communications intelligence to civilian, government, military and intelligence agencies as well as antennas for communications and high-power radio broadcasting. TCI is headquartered in Fremont, California, USA. For more information, visit www.tcibr.com.
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