BAE SYSTEMS Agrees to Sell Flight Simulation and Training to CAE.Business Editors WASHINGTON--(BUSINESS WIRE)--Feb. 14, 2001 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. announces that it has reached agreement to sell Flight Simulation and Training, Tampa, Florida “Tampa” redirects here. For other uses, see Tampa (disambiguation). Tampa is a United States city in Hillsborough County, on the west coast of Florida. It serves as the county seat for Hillsborough County.GR6. , to CAE (1) (Computer-Aided Engineering) Software that analyzes designs which have been created in the computer or that have been created elsewhere and entered into the computer. , Toronto, Canada, for $80 million cash. "Flight Simulation and Training is an excellent company, whose core competencies will be better served in a company with similar expertise. CAE is just such a company," said Mark Ronald, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , BAE SYSTEMS North America. The transaction is expected to be completed in the first quarter of 2001, contingent on receiving required regulatory approvals in the United States. This sale underpins the intention on the part of CAE and BAE SYSTEMS PLC to explore a strategic relationship addressing military training opportunities globally. This transaction is for the sale of the U.S. based Flight Simulation and Training business which currently employs 773 people. The simulation and training business within BAE SYSTEMS Customer Solutions BAE Systems Customer Solutions is a division of BAE Systems Inc., the North American subsidiary of BAE Systems plc. The division was formed in 2005 in a reorganisation which saw BAE businesses in the United States placed into three operating groups; Customer Solutions, BAE Systems and Support (CS&S) in the UK will remain part of CS&S. BAE SYSTEMS Flight Simulation and Training provides aviation training and simulation solutions. Notes to Editors BAE SYSTEMS is the truly global systems, defense and aerospace company. BAE SYSTEMS employs more than 100,000 people, in nine home markets around the world and has annual sales of some $19 billion. The company offers an unrivalled global capability in air, sea and land and space with a world-class prime contracting ability supported by a range of key skills. BAE SYSTEMS designs and manufactures civil and military aircraft, surface ships, submarines, space systems, radar, avionics, communications, electronics, guided weapon systems and a range of other defense products. BAE SYSTEMS North America employs 25,000 people in the design, development, integration, manufacture and support of a wide range of advanced aerospace products and intelligent electronic systems for government and commercial customers. BAE SYSTEMS is publicly traded on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. , stock symbol BA/. CAE is the world's premier provider of simulation and control technologies for training and optimization solutions in the Aerospace, Defense and Forestry sectors. Headquartered in Canada and operating globally, the company employs more than 6,000 people and has revenues in excess of $1 billion. CAE is publicly traded on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. , stock symbol CAE. www.baesystems.com |
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