BAE SYSTEMS sells its 50% equity share in LH Systems.Business Editors SAN DIEGO--(BUSINESS WIRE) 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. Mission Solutions announced on Friday, April 27, the signing of an agreement to sell its 50% interest in LH Systems, to Leica Geosystems Leica Geosystems (formerly known as Wild Heerbrugg or just Wild) based in eastern Switzerland produces products and systems for surveying and geographical measurement (geomatics). for $15M. Headquartered in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , LH Systems was founded on June 1, 1997 as a joint venture of BAE SYSTEMS and Leica Geosystems. Since that time, LH Systems, has established itself as a pioneer and one of the leaders in aerial photography This article or section may contain original research or unverified claims. Please help Wikipedia by adding references. See the for details. This article has been tagged since September 2007. , remote sensing Deriving digital models of an area on the earth. Using special cameras from airplanes or satellites, either the sun's reflections or the earth's temperature is turned into digital maps of the area. , and photogrammetry photogrammetry: see aerial and satellite photography. . This sale underpins the intention on the part of BAE SYSTEMS Mission Solutions and Leica Geosystems to continue a strategic relationship for their Visual Information Products that began in 1993 with an exclusive distribution agreement between BAE SYSTEMS and Leica. As part of the transaction, the parties have agreed to continue the SOCET SET development, distribution, and licensing agreement between BAE SYSTEMS and LH Systems for a minimum of 2 more years. BAE SYSTEMS remains committed to the development of geospatial products and solutions. LH Systems will continue as a tenant of BAE SYSTEMS in San Diego. The transaction closing is anticipated in 45 to 60 days after receipt of the necessary regulatory approvals. Note to Editors: BAE SYSTEMS Mission Solutions employs approximately 2,000 people and is the fourth largest defense contractor in San Diego. They are the forerunner in developing high-quality image exploitation and archiving systems for stereo photogrammetry, photointerpretation, and mapping, charting and geodesy geodesy (jēŏd`ĭsē) or geodetic surveying, theory and practice of determining the position of points on the earth's surface and the dimensions of areas so large that the curvature of the earth must be taken into applications. Other major business areas include unsurpassed automated systems for supporting the full spectrum of battle management, mission planning and force execution objectives, and the production of test equipment for advanced electronics systems including aircraft, 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. , spacecraft, and telecommunications. 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. BAE SYSTEMS is the truly global systems, defense and aerospace company. BAE SYSTEMS employs more than 100,000 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 manufactures civil and military aircraft, surface ships, submarines, space systems, radar, avionics, communications, electronics, guided weapon systems and a range of other defense products. |
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