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NEWS IN BRIEF

9 Jul 02. DRS Technologies, Inc. (NYSE:DRS – News) has been competitively awarded a $12.4m contract from the U.S. Army, representing Phase II of the Cost Effective Targeting System (CETS) program.

For this contract, DRS will develop and provide two CETS prototypes. The ultimate objective of the CETS effort is to provide a fully integrated sensor suite automated for application on the Demo III Unmanned Ground Vehicle (UGV). The UGV will be part of the Networked Sensors for the Objective Force Science & Technology Objective, which will support the U.S. Army’s Future Combat System (FCS) initiative. Successful completion of Phase II could lead to future awards yet to be funded for system design and development, as well as production, in support of the Army’s Future Combat System.

1 Jul 02. Honeywell (NYSE:HON – News) announced it has acquired the assets of Chadwick-Helmuth of El Monte, California, a leading supplier of vibration monitoring equipment for helicopters.

Financial terms of the transaction were not disclosed.
“The acquisition of the Chadwick-Helmuth business is an important step towards our goal of providing the aerospace industry’s most complete solution for flight safety and vehicle health monitoring, and it also provides a growth path to take vibration monitoring technology to applications outside aerospace,” said Frank Daly, President, Honeywell Air Transport Systems.

11 July 02. Turkey became the seventh international partner to sign up for the F-35 Joint Strike Fighter program, joining the United Kingdom, Italy, the Netherlands, Canada, Denmark and Norway. Australia also has announced its intention to participate.

11 Jul 02. Saab AB (Stockholm:SAABb.ST – News) unveiled better than expected first-half profits on Thursday and reiterated that it expected full-year operating profits and margins to improve further.

Chief Executive Bengt Halse also said the streamlining of the group would continue and a number of operations would be sold during the third quarter. Saab, whose shares have strongly outperformed the market this year, said operating profit in the first six months was 474m crowns ($50.15m)
or 409m excluding capital gains, on sales up 11 percent at 8.28bn.

The figures compared with an estimate by Deutsche Bank that first-half operating profit would be 380m crowns, and sales would be 7.50bn.

In the first half of 2001 Saab made an operating profit of 1.06bn crowns, including 650m crowns in extraordinary income from the sale of its marine electronics unit, on sales of 7.46bn euros.

8 Jul 02. Initial design of a new prototype air-breathing rocket engine for NASA — one that could revolutionize air and space travel in the next 40 years — reached a major milestone ahead of schedule last week.

The engine’s design team, the Rocket Based Combined Cycle Consortium
(RBC3(cubed)), completed its first major engine systems requirements review — an exhaustive examination of the engine’s design and performance parameters — three months earlier than originally planned.

To design the radical new engine, the consortium combined the propulsion development skills of the Rocketdyne Propulsion & Power business of The Boeing Co. (NYSE:BA – News), of Canoga Park, Calif.; the Pratt & Whitney space
propulsion business unit of United Technologies Corp., of West Palm Beach, Fla.; and the Aerojet missile and space propulsion business unit of GenCorp Inc., of Sacramento, Calif.

11 Jul 02. ITT Industries Inc. received a contract worth $100m to provide force protection services to U.S. Army Europe Task Force Eagle in Tuzla, Bosnia -Herzegovina.

ITT Industries said priced options on the contract include an additional $100m in add-on opportunities, bringing the potential contract total to more than $200m.

Task Force Eagle is the U.S. contingent of the multinational Stabilization Force in Bosnia -Herzegovina. ITT will provide installation security and force protection a

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