24 Dec 02. Framatome Connectors International, the electrical parts unit of nuclear engineering company Areva , said Tuesday that it has sold its MAI military connectors division to French buy-out firm Axa Private Equity.
Financial terms weren’t disclosed. The division, which makes connectors for aeronautics, space and defense applications, has 1,200 employees and had estimated revenue of €155m in 2002, FCI said. MAI, which accounts for around 10% of FCI’s overall revenue, will be renamed Souriau.
21 Dec 02. Boeing Co. is shelving its proposed high-speed Sonic Cruiser passenger jet in favor of developing a more traditional but highly fuel-efficient airliner, the head of Boeing Commercial Airplanes said. Commercial airplanes chief executive Alan Mulally said Friday that while airlines had shown interest in the high-tech cruiser, they felt the fuel-efficient plane was more important.
23 Dec 02. Dubai 2003, the international aerospace exhibition being held in Dubai, United Arab Emirates next December, will feature a specialist defense
conference in the event’s programme. Entitled ‘The Evolving Defense Environment,’ the conference is being organised by the leading international weekly publication Defense News in co-operation with Fairs and Exhibitions (F&E), organisers of the Dubai air show.
19 Dec 02. Four different Northrop Grumman Corporation (NYSE:NOC – News) unmanned air vehicles (UAV) achieved flight milestones over a recent 10-day period, demonstrating the company’s experience with a variety of autonomously controlled unmanned systems. From Nov. 17 through Nov. 26, the company’s RQ-4A Global Hawk, RQ-8A Fire Scout, Miniature Air-Launched Interceptor (MALI) and BQM-74E unmanned systems demonstrated various levels of autonomous flight control at speeds from low subsonic to supersonic, at altitudes up to 60,000 feet, and in air vehicle configurations ranging from fixed wing to rotorcraft.
19 Dec 02. Honeywell plans to take a $1.9bn charge against earnings in the fourth quarter, covering an expected asbestos liability settlement, asset
write-downs, job cuts and plant closures. The diversified manufacturer said the charge would leave it with net quarterly losses of $1.80 per share, against expectations of earnings of 50 cents. It expects to generate $1.8bn in cash in the quarter. For Honeywell, the charge reveals a mixture of relief from litigation and frustration with businesses hit by poor economic conditions.
19 Dec 02. Northrop Grumman Corporation (NYSE:NOC – News) and EADS highlighted important progress in their trans-Atlantic cooperative defense efforts with the first successful demonstration of an EADS electronics intelligence (ELINT) payload aboard a U.S. Air Force RQ-4A Global Hawk, built by Northrop Grumman’s Integrated Systems sector. U.S. Air Force and German Ministry of Defense officials conducted the demonstration during flight tests Nov. 17 and 22 at Edwards Air Force Base, California, USA.
23 Dec 02. BAE SYSTEMS is being sued by Honeywell for cancelling a contract for a new jet. Two writs filed by Honeywell in the High Court, claiming $21m (£13.4m) in damages from the UK company.
18 Dec 02. Prime Minister Costas Simitis of Greece, which takes over the EU presidency on January 1, signalled on Wednesday that he would push for the bloc to buy more European weapons instead of relying mainly on U.S. manufacturers. Simitis said a key aim of Greece’s presidency would be to increase coordination and collaboration within Europe’s defence industry to increase sales to the 15-nation European Union.
18 Dec 02. Northrop Grumman Corporation (NYSE: NOC – News) announced today that it has acquired Fibersense Technology Corp. from Audax Group. The stock of Fibersense, a designer and manufacturer of fibre optic gyroscope-based navigation systems, was acquired for $44m in cash. Fibersense, which has approximately 140 employees, designs and manufactures precision fiber optic gyroscopes (FOG), inertial