BAE SYSTEMS Agrees to Sell Its Shares In BAE SYSTEMS Canada.Business Editors/Hi-Tech Writers ROCKVILLE, Md.--(BUSINESS WIRE)--Feb. 2, 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. announces its agreement to sell its approximately 54% majority investment in BAE SYSTEMS Canada to ONCAP, an investment fund located in Toronto, Canada. This $CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. 594/$US 398.1 million(a) sale of 12,271,600 shares is at an agreed price of $CDN 25.25. ((a)$CDN 1.4920 = $US 1.00, 1 Feb 01) The transaction is subject to both Canadian and U.S. regulatory approvals because of the two U.S. subsidiaries of BAE SYSTEMS Canada, and is expected to close shortly after a special meeting of the shareholders in BAE SYSTEMS Canada anticipated to be held in April 2001. 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. of BAE SYSTEMS North America, said, "BAE SYSTEMS Canada is an excellent business, with growth potential. We intend to maintain a strong business relationship with the Canadian business. Its core capabilities, however, diverge from our core concentration and focus. We are very pleased to have a Canadian group of the quality of ONCAP provide this business with the future it deserves." Ronald added, "This sale is not an exit from Canada, by any means. The company has a significant interest in long term programs, such as, the NATO Flying Training in Canada NATO Flight Training in Canada (NFTC) is a military flight training program for NATO and allied air forces provided by the Canadian Forces. Located at CFB Moose Jaw in Moose Jaw, Saskatchewan, the program is delivered as a cooperative operation between a civilian contractor, (NFTC NFTC National Foreign Trade Council NFTC NATO Flying Training in Canada NFTC National Furniture Traffic Conference, Inc. ) program in Moose Jaw, Saskatchewan Moose Jaw is a city in south-central Saskatchewan, Canada on the Moose Jaw River 71 km (45 miles) west of Regina. Residents of Moose Jaw are known as Moose Javians. , and Cold Lake, Alberta Cold Lake is a city in northeastern Alberta, Canada, named after the lake it is situated near. Cold Lake itself was formerly known as Coldwater Lake. History The Town of Cold Lake amalgamated with the nearby communities of Grand Centre and the civilian areas of CFB Cold , and the Victoria class submarines." In addition to the involvement of its Hawk aircraft in the NFTC, BAE SYSTEMS is the design authority for the Victoria class submarines that Canada has acquired from the UK Ministry of Defence. In addition to these there are other programs and services provided into and out of Canada for a worldwide market. Jim Close, president and CEO, BAE SYSTEMS Canada, said: "We have been pleased to be associated with BAE SYSTEMS and have enjoyed good relations with senior management. It is our intention to maintain strong business relations with BAE SYSTEMS and I look forward to continuing success on programs of common interest." Note to Editors BAE SYSTEMS is a 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 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 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 CANADA is a leader in the design, manufacture, sales and support of high-technology electronic products for the aviation, communications, infrared sensing, marine electronics, positioning and space markets. ONCAP L.P. is a $CDN 400 million investment partnership established in December 1999 by Onex Corporation and several of Canada's largest pension funds and financial institutions. ONCAP was established to invest in small capitalization North American-based companies in partnership with their management teams. Onex Corporation is a diversified company diversified company A company engaged in varied business operations not directly related to one another. A diversified company is less likely to suffer either a collapse or a spectacular gain in earnings compared with a firm concentrating its operations in a with annual consolidated revenues of $20 billion, consolidated assets of $19 billion and 83,000 employees. Onex was ranked the 12th largest company in Canada in The Financial Post 500. It operates through autonomous subsidiaries that are leaders in their industries. They include Sky Chefs, Celestica, Inc., ClientLogic Corporation, InsLogic Corporation, Lantic Sugar Limited, Dura Automotive Systems Dura Automotive Systems (Pink Sheets: DRRAQ), headquartered in Rochester Hills, Michigan, USA was ranked in the 2006 Fortune 1000. It is engaged in the business of manufacturing and distribution of automotive components. , Inc., J.L. French Automotive Castings, Inc., MAGNATRAX Corporation and Performance Logistics Group, Inc. Onex shares trade on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the stock symbol OCX (OLE Control EXtension) A component software technology from Microsoft that enables a Windows program to add functionality by calling ready-made components. Generally called "OLE controls" or "OLE custom controls," they appear to the end user as just another part of . |
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