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NEWS IN BRIEF

04 May 04. Boeing (NYSE: BA – News) has acquired Frontier Systems Inc., developer of the A-160 Hummingbird and Maverick unmanned aerial vehicles (UAV). Frontier’s platforms and technologies add to Boeing’s portfolio and capabilities in unmanned systems that include the Joint Unmanned Combat Air System X-45, ScanEagle and other concepts under development. Terms of the acquisition have not been disclosed. The privately held Frontier Systems has about 70 employees and was formed in 1991. Frontier is based in Irvine, Calif., and also has operations in Victorville, Calif., for flight-test operations.

03 May 04. Honeywell International Ltd. (NYSE:HON – News) will sell its security monitoring business to a private equity firm for $315.5m in cash as it continues to focus on higher-growth security products. The business will operate as an independent entity following its purchase by GTCR Fund VIII LP, a $6bn equity capital fund that invests in a range of industries. The deal is expected to close by the end of June. Honeywell Security Monitoring provides burglary and fire protection, video surveillance, maintenance and monitoring services. It serves more than 120,000 commercial and residential customers throughout the United States.

06 May 04. The U.S. Army’s Mobile Tactical High Energy Laser (MTHEL) testbed destroyed a rocket on May 4 that’s larger, faster and that flies higher than previous threats destroyed by the laser weapon demonstrator. Northrop Grumman Corporation (NYSE: NOC) built the demonstrator for the Army and the Israel Ministry of Defence (IMoD).

04 May 04. Northrop Grumman Corp. (NYSE:NOC – News) on Tuesday posted lower quarterly net profit, but earnings from continuing operations rose as higher U.S. defense spending boosted demand. The company posted first-quarter net profit of $232m, or $1.27 per share, compared with $253m, or $1.34 per share. Income from continuing operations rose 31 percent to $228m, or $1.25 per share, compared with $174m, or 91 cents per diluted share, for the same period of 2003. Income from discontinued operations was just $1m compared with $80m in the previous year. Analysts had expected the company to earn $1.21 per share, on average, according to Reuters Research, a unit of Reuters Group Plc.

30 Apr 04. France is poised to sell up to 40 percent of Snecma in a rare initial public offering for the sector, after initial plans to sell shares in the aero-engines maker were disrupted by the September 11 attacks. Dual blows from the SARS virus in Asia and the war in Iraq last year sent the aerospace industry deeper into crisis, pushing the stocks of leading airlines and sharply lower.Now the outlook for the sector and demand for aerospace stocks is improving, giving France’s new finance minister Nicolas Sarkozy a prime opportunity to kick-start his privatisation drive. General Electric, the US conglomerate, will have to wait at least a few more months to take a 10 per cent stake in Snecma.

05 May 04. Stewart & Stevenson Services Inc. will pursue a sale of its Airline Products business located in Marietta, Georgia. The Airline Products business offers a wide range of proven products under the widely-recognized ‘TUG’ product line.

29 Apr 04. Curtiss-Wright Corporation (NYSE: CW – News, CW.B – News) announced financial results for the first quarter ended March 31, 2004. The highlights for the first quarter are as follows: Net sales for the first quarter of 2004 increased 19% to $214.9m (2003: $179.9m); acquisitions made in 2003 and 2004 contributed $29.6m in incremental sales in the first quarter of 2004; operating income in the first quarter of 2004 increased 6% to $25.3m, (2003: $23.9m); acquisitions made in 2003 and 2004 contributed $2.3m in incremental operating income in the first quarter of 2004; net earnings for the first quarter of 2004 increased 11% to $15.6m, or $0.74 per diluted share, from $14.1m, or $0.68 perdiluted share (adjusted for the 2-for-1 stoc

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