BAE SYSTEMS Enters Agreement With the Carlyle Group to Spin Out Imaging Sensors Business.Business Editors/Hi-Tech Writers NASHUA, N.H.--(BUSINESS WIRE)--April 23, 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 with The Carlyle Group  The of this article or section may be compromised by "weasel words".You can help Wikipedia by removing weasel words. The Carlyle Group is a Washington, D.C. , Washington, DC, to spin out its Imaging Sensors business located at Milpitas, California Milpitas (IPA pronunciation: mɪlpitʌs; inhabitants are called 'Milpitans') is a city in Santa Clara County, California. It is located with San Jose to its south and Fremont to its north, at the eastern end of Highway 237 and generally between Interstate freeways 680 and . Imaging Sensors was previously part of BAE SYSTEMS Reconnaissance and Surveillance Systems of Syosset, New York Syosset is a hamlet (and a census-designated place) in Nassau County, New York, within the Town of Oyster Bay. It is a designated hamlet located on the North Shore of Long Island. The population was 18,544 at the 2000 census. . In the transaction, BAE SYSTEMS provided the assets of Imaging Sensors to form a new company, Fairchild Imaging, Inc. Closing of the agreement occurred April 6, 2001. The core competencies of the new company, Fairchild Imaging, are in charged coupled device See CCD. (CCD CCD in full charge-coupled device Semiconductor device in which the individual semiconductor components are connected so that the electrical charge at the output of one device provides the input to the next device. ) development and fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. and electronic imaging systems. This company pioneered the development of CCD imaging technologies and has continued to innovate in a number of commercial product areas serving medical, dental and industrial surveillance markets. It currently employs 123 people. "Fairchild Imaging is an excellent business. This transaction is part of our continuing strategic alignment to our aerospace core competencies, and provides Fairchild Imaging with great opportunity for future investment growth and success in its new commercial markets as well," 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. Under the terms of the transaction, BAE SYSTEMS North America retains an equity interest in Fairchild Imaging. The new company will continue to provide CCD products to the Reconnaissance and Surveillance Systems business within BAE SYSTEMS North America. Financial terms were not disclosed. Note to Editors BAE SYSTEMS is the truly global systems, defense and aerospace company. BAE SYSTEMS employs more that 120,000 people in eight home markets around the world and has annual sales of some $18 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 manufacturers 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 22,000 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. The Carlyle Group is one of the world's largest private equity firms, managing more than $13 billion of equity capital in buyout, venture, real estate, high yield, and energy funds, operating in the United States, Europe, Asia, and Japan. Since its inception in 1987, Carlyle has invested $5.8 billion of equity capital, in more than 200 corporate and real estate transactions. The equity capital invested by Carlyle has been provided by more than 400 institutional and private investors from more than 50 countries. Headquartered in Washington, D.C., Carlyle has more than 225 investment professionals working in 22 offices in the United States and abroad. www.baesystems.com |
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