BAE SYSTEMS and Lockheed Martin Select Smiths Aerospace for Strategic Relationships.Business Editors GRAND RAPIDS Grand Rapids, city (1990 pop. 189,126), seat of Kent co., SW central Mich., on the Grand River; inc. 1850. The second largest city in the state, it is a distribution, wholesale, and industrial center for an area that yields fruit, dairy products, farm produce, , Mich.--(BUSINESS WIRE)--April 11, 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. and Lockheed Martin For the former company, see . Lockheed Martin (NYSE: LMT) is a leading multinational aerospace manufacturer and advanced technology company formed in 1995 by the merger of Lockheed Corporation with Martin Marietta. Aeronautics Company have reached agreements with Smiths Aerospace (LSE LSE - Language Sensitive Editor :SMIN) on two separate strategic initiatives. Both are aimed at working together to form new business strategies, common initiatives and mutual cost savings and will go into effect immediately. John Ferrie, Group Managing Director, Smiths Aerospace commented, "There are clear benefits to be gained by both companies in pursuing a joint supply chain strategy that rationalizes and aligns our respective strengths. Taken with our recent selection by Boeing for a major integrated system on the 767 tanker program these agreements strengthen Smiths' position as a major first tier systems supplier to the worlds leading aircraft manufacturers." BAE SYSTEMS and Smiths sign Supply Chain Strategy Smiths Aerospace is the first of BAE SYSTEMS' 17 `Enterprise Suppliers' to agree such a Supply Chain strategy. The strategy is aimed at delivering sustained performance improvement and will be put to use in BAE programs including Eurofighter, Hawk, Nimrod Nimrod, in the Bible, descendant of Cush who is recorded as a mighty hunter. Nimrod Biblical hunter of great prowess. [O.T.: Genesis 10:9; Br. Lit.: Paradise Lost] See : Hunting MRA MRA Medical Record Administrator. MRA Magnetic resonance angiography, see MR angiography 4 and in future business ventures between the companies. Development of supply chain relations is recognized as a key factor in remaining competitive and taking full advantage of synergies that exist through the supply chain. This agreement marks a step forward in the ongoing development of closer relationships between the companies. BAE SYSTEMS' Major Equipment Supplier Program has evolved from, and is supported by, the ongoing Supply Chain Excellence Program and a range of initiatives, including the Strategic Supplier Management Process and Joint Improvement Program that have recently been launched. Lockheed Martin Aeronautics Company selects Smiths Aerospace to participate in Strategic Supplier Program Lockheed Martin and Smiths Aerospace have executed a Strategic Supplier Program Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. focused on program strategies and efficiencies. The agreement will be utilized on future and current programs between the two companies across all platforms. Both companies are committed to the program, with the immediate objective of establishing, identifying, and prioritizing common initiatives and near-term goals to begin the process for capturing mutual cost savings expected with the implementation of the Strategic Supplier concept. Through teamwork and the Strategic Supplier Program alliance, Smiths continues to cultivate an ongoing and mutually beneficial Adj. 1. mutually beneficial - mutually dependent interdependent, mutualist dependent - relying on or requiring a person or thing for support, supply, or what is needed; "dependent children"; "dependent on moisture" business relationship with Lockheed Martin Aeronautics. Smiths Aerospace is the leading transatlantic aerospace equipment company, with half its 12,000 staff and $2 billion revenues in 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. . Smiths Aerospace, a part of Smiths Group plc, holds key positions in the supply chains of all major military and civil aircraft and engine manufacturers and are world-leaders in electronic systems, actuation systems and precision components. Jennifer Villarreal, Communications Manager 3290 Patterson Ave. S.E. Grand Rapids, MI 49512-1991 T. 616 241 8643 o M. 616 617 7755 jennifer.villarreal@smiths-aerospace.com Heather Cox, Director of Communications 765 Finchley Road, London, NW11 8DS T. 44 20 8457 8336 o M. 44 771 350 5560 heather.cox@smiths-group.com |
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