30 Apr 04. General Dynamics Corp’s (NYSE:GD – News) takeover offer for Britain’s only tank maker, Alvis Plc (London:ALV.L – News), has so far received acceptances for about 14.6 percent of the company, the U.S. defence contractor said on Friday. General Dynamics said its offer of 280 pence per share in cash, valuing Alvis at £309m ($544.3m), had been extended to May 13. Alvis directors have recommended the bid to shareholders and have already accepted the offer. The British government said this week it would examine the proposed takeover in the interests of national security. Alvis is 29 percent-owned by BAE Systems Plc (London:BA.L – News), Britain’s biggest defence group. BAE said last month it was “reviewing its options” after media reports said it had ruled out launching a counterbid for Alvis, which is expected to play a lead role in FRES. General Dynamics, maker of the Abrams main battlefield tank, has said it would settle for 51 percent control of Alvis.
29 Apr 04. Sources close to BATTLESPACE suggest that the MoD decision on the Watchkeeper UAV programme has slipped to early 2005 due to management changes. The MoD IPT Team is now looking at a spiral procurement process over a number of years with technology upgrades taking place as part of this procurement style. It looks as if the first procurements will be made off-the-shelf to keep the ISD of 2006.
29 Apr 04. EDO Corporation (NYSE: EDO – News) recorded revenue of $110.9m in the first quarter of 2004, up $16.5m or 17 percent from the $94.4m recorded in the first quarter of 2003. Net earnings for the quarter were $3.9m, up 29 percent from the $3.0m recorded in the prior year’s quarter. On a diluted per-share basis, earnings were $0.22, up 29 percent from the $0.17 recorded in the first quarter of 2003. EDO’s 17 percent revenue growth for the quarter was aided by strong sales in defense electronics and aircraft armament systems. These were partially offset by delays in certain contract awards in both the U.S. and the U.K. Excluding the impact of acquisitions owned for less than one year, revenues were about the same as the first quarter of last year.
28 Apr 04. Moog, which makes precision-control equipment for military aircraft, said fiscal second-quarter net earnings rose 37 percent on demand for its equipment for the new high-tech Joint Strike Fighter and gains from an acquisition. The East Aurora, New York-based company posted net earnings of $14.1m, or 53 cents a share. The company also raised its full-year forecast for earnings from continuing operations to a range of $1.30 to $1.40 a share, on sales of $20bn.
29 Apr 04. Goodrich Corp. (NYSE:GR – News) on Thursday reported higher first-quarter earnings. The Charlotte, North Carolina-based maker of landing gear and lighting systems for planes reported net income of $45.9m, or 38 cents per share, compared with $29.4mi, or 25 cents per share, in the same quarter a year ago.
28 Apr 04. Norway is looking at the Anglo-Swedish Gripen combat jet to replace its U.S.-built F-16s because of disappointment over a lack of sub-contracts in developing a new U.S. fighter, a senior parliamentarian said on Wednesday. Faced with a choice between continued loyalty to the United States as a NATO ally or switching to European partners, Norway has taken a stake in development of the Lockheed Martin Corp (NYSE:LMT – News) F-35 Joint Strike Fighter (JSF) but is also looking at the Eurofighter jet.
29 Apr 04. The Organisers of the IMDEX Asia Series are pleased to announce the launch of a new event called Global Security Asia 2005. GSA 2005 will be a technology- and solutions-driven event incorporating a 3-day Conference and Exhibition and will be the first combined event to focus exclusively on all facets of Homeland Security and Asymmetric Defence in the Asia Pacific Region.
GSA 2005 will be held from 29 to 31 March 2005 at the Singapore Expo, one of the region’s largest exhibition centres and will enjoy the full