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01 Apr 14. GKN acquires Williams Hybrid Power Limited. GKN plc, the global engineering group, announces it has acquired the entire issued share capital of Williams Hybrid Power Limited (“WHP”) from Williams Grand Prix Engineering Limited. WHP specialises in the design and manufacture of composite flywheel-based energy storage systems, initially exploring options for the bus, truck and tram markets. GKN and WHP have been working together to validate the use of this technology and now that this stage has been reached, it is appropriate for GKN to use its global resources and manufacturing capability to maximise the commercial opportunities that exist. The consideration payable for the acquisition comprises cash consideration of £8.0m payable at closing, together with potential uncapped additional consideration payable based upon future sales of WHP products in the following 10 years. That additional consideration will be calculated at 3.5% of sales in each of the first five years, declining on a stepped basis to 1.5% by the end of the 10 year period, and shall only be payable to the extent that it cumulatively exceeds £4.0m. The acquisition will be funded from GKN’s existing resources. Speaking about the acquisition, Phil Swash, Chief Executive of GKN Land Systems, said: “This acquisition is a great opportunity for GKN to take a unique technology to global markets, helping solve the emissions and efficiency challenges faced by mass transit companies around the world. “It also provides GKN with a unique set of engineering skills that we believe will help bring new innovation and performance to our wider product portfolio.”
02 Apr 14. Pakistan Already Has US-Made MRAPs, New Deal in Works. While controversy swirls over reports that Pakistan may receive some of the excess Mine Resistant Ambush Protected (MRAP) vehicles that the United States has sitting in Afghanistan, American and Pakistani officials are on the verge of completing a deal to send new and excess MRAPs to Islamabad, Defense News has learned. The 160 vehicles, all of which would be the MaxxPro MRAP variant made by US manufacturer Navistar, would be a mix of new builds and some from US Army prepositioned stocks in Kuwait, according to a person familiar with the negotiations who is not authorized to speak for attribution. While no formal notification of the deal has yet been sent to Congress since the last stages of the vetting process are still being completed, the official expected a notification to head to Capitol Hill by the end of this month. The spat over the potential MRAP sale began in March when the Washington Post reported that the United States was considering giving Pakistan some MRAPs that the US didn’t want to pay to ship home once the mission in Afghanistan draws to a close. The report came at the same time as Marine Gen. Joseph Dunford, commander of the coalition and US Forces in Afghanistan, said there are more than 1,200 excess MRAPs in country. For a while, US forces were literally shredding to bits the hulking MRAP infantry carriers that it doesn’t want to pay to bring home, but Dunford has since put a halt to that program while final decisions on the ultimate fate of the fleet are being made. The holdup on the deal for the 160 MRAPs centers around a congressionally mandated human rights vetting process that all US foreign training and equipping programs must undergo. Known as the “Leahey Amendment” after the bill’s sponsor, Sen. Patrick Leahey of Vermont, the law stipulates that US forces cannot train or equip foreign military or police units that have been accused of human rights abuses. The 160 MRAPs would be split among the branches of the Pakistani armed forces. Although specific army and air force units have been identified and vetted, the Pakistani Navy has yet to su