BAE SYSTEMS Agrees to Acquire Condor Pacific Industries.Business Editors/Hi-Tech Writers ROCKVILLE, Md.--(BUSINESS WIRE)--Oct. 22, 2002 BAE SYSTEMS BAE Systems British manufacturer of aircraft, missiles, avionics, naval vessels, and other aerospace and defense products. BAE Systems was formed (1999) from the merger of British Aerospace (BAe) with Marconi Electronic Systems. North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. has agreed to the acquisition of Condor Pacific Industries, Inc. (CPI (1) (Characters Per Inch) The measurement of the density of characters per inch on tape or paper. A printer's CPI button switches character pitch. (2) (Counts Per I ) of Westlake Village, California Westlake Village is a city located in Los Angeles County, California, USA. The population was 8,368 at the 2000 census. This city located in the Conejo Valley is known for its affluence and secluded character, and is considered one of the wealthier communities in the Greater Los , for $58.5 million. The acquisition will be funded from existing cash resources. With the growing defense focus on and demand for precision munitions mu·ni·tion n. War materiel, especially weapons and ammunition. Often used in the plural. tr.v. mu·ni·tioned, mu·ni·tion·ing, mu·ni·tions To supply with munitions. both from a sensor technology and guidance systems perspective, the acquisition of CPI strongly complements BAE SYSTEMS business in missile systems guidance and control. CPI manufactures inertial products for navigation, guidance and control, including "STARS," the world's smallest Two-Axis Rate Sensor for tactical missile seekers and STAARS STAARS Standard Army After Action Review System STaARS Securities Transaction and Asset Reconciliation System STAARS Standard Army After-action Report System STAARS Sustainment Training for Army Aviation Readiness Simulation , the smallest multi-function sensor for sub-miniature, low-cost inertial measurement units. In addition to its headquarters in Westlake Village, California, CPI has facilities in Cheshire, Connecticut Cheshire is a town in New Haven County, Connecticut, United States. The population was 28,543 at the 2000 census. The center of population of Connecticut is located in Cheshire [1]. , and Heath, Ohio. Mark Ronald, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , BAE SYSTEMS plc, and President and Chief Executive Officer, BAE SYSTEMS North America said, "The acquisition of CPI is part of our strategic intent to focus on markets that will enhance the effectiveness of existing and future weapon systems. CPI complements BAE SYSTEMS business in military systems guidance and control and will help strengthen our position in the global military gyro business." Closing of the transaction is expected to occur with 60 days and is subject to completion of all regulatory reviews and approvals. Additional Information for Editors: BAE SYSTEMS is a systems company, innovating for a safer world. BAE SYSTEMS employs nearly 100,000 people including Joint Ventures, and has annual sales of around $18 billion. The company offers a global capability in air, sea, land and space with a world-class prime contracting ability supported by a range of key skills. BAE SYSTEMS designs, manufactures and supports military aircraft, surface ships, submarines, space systems, radar, avionics, communications, electronics, guided weapon systems and a range of other defense products. BAE SYSTEMS is dedicated to making the intelligent connections needed to deliver innovative solutions. BAE SYSTEMS North America is a high-technology US company employing more than 22,000 Americans who live and work in 29 states and Washington, D.C. -- dedicated to solving our customers needs with both highly innovative and leading-edge solutions across the defense electronics, systems, information technology and services arenas. |
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