Airbus Helicopters mise sur la « reprise » des commandes militaires

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  August 11, 2020 | International, Aerospace

  SpaceX and ULA win massive national security launch contracts

  Nathan Strout SpaceX and United Launch Alliance have won massive five-year National Security Space Launch contracts from the U.S. Space Force and National Reconnaissance Office, the Space and Missile Systems Center announced Aug. 7. The contracts will support more than 30 heavy lift launches planned between fiscal 2022 through 2027, with task orders to be made from fiscal 2020 through 2024. 60 percent of launch services orders will go to ULA, with SpaceX taking up the remaining 40 percent. The two firm-fixed-price, indefinite delivery requirement contracts included funding for the first year of launches: $337 for ULA and $316 for SpaceX. “This is a groundbreaking day, culminating years of strategic planning and effort by the Department of the Air Force, NRO and our launch service industry partners,” said William Roper, assistant secretary of the U.S. Air Force for Acquisition, Technology and Logistics, in a statement. “Maintaining a competitive launch market, servicing both government and commercial customers, is how we encourage continued innovation on assured access to space. Today's awards mark a new epoch of space launch that will finally transition the Department off Russian RD-180 engines.” Following a Congressional mandate, the Department of Defense began the NSSL competition in 2019 to end U.S. reliance on the Russian propulsion systems used for the Atlas V and Delta IV rockets. A four-way competition ensued, with Blue Origin, Northrop Grumman and ULA designing new rockets for the military and SpaceX submitting their already certified Falcon 9 and Falcon Heavy rockets. The Space and Missile Systems Center claimed that a report issued in April by think tank RAND supported its decision to award contracts to only two launch providers, arguing that the market could only support two. “This landmark award begins the dawn of a new decade in U.S. launch innovation, while promoting competition, maintaining a healthy industrial base, and reinforcing our global competitive advantage,” stated Lt. Gen. John Thompson, commander of SMC and program executive officer for space. “This acquisition will maintain our unprecedented mission success record, transition National Security Space payloads to new launch vehicles, assure access for current and future space architectures and cultivate innovative mission assurance practices.” With the announcement, SMC announced the first three missions to be assigned under the new contracts: USSF-51 and USSF-106 for ULA, and USSF-67 for SpaceX. All three will take place in fiscal 2022. https://www.c4isrnet.com/battlefield-tech/space/2020/08/07/spacex-and-ula-win-massive-national-security-launch-contracts/

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  October 5, 2021 | International, Aerospace, Naval, Land, C4ISR, Security

  Biden’s Bold Antitrust Agenda Faces Early Test With Defense Industry

  The US must block Lockheed Martin's proposed acquisition of Aerojet Rocketdyne to avoid Lockheed from cornering the market on missile technology.

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  November 17, 2020 | International, Aerospace, Naval, Land, C4ISR, Security

  Why defense firms need to get systematic about M&A — big and small

  By: Eric Chewning and Frank Coleman III After years of growth, defense budgets will likely flatten (or decline). In such a financial environment, the U.S. Department of Defense will consider trade-offs between funding modernization, sustaining legacy equipment and preserving force structure. These hard choices will be informed by the DoD's strategic acquisition priorities, which will likely continue to reflect the need for innovation around leading-edge capabilities in areas like space, C5ISR, long-range precision fires, unmanned vehicles and artificial intelligence. To support these evolving mission requirements, the defense industry will need to ensure the industrial base is able to deliver technological advantage. This requires attracting world-class talent as well as the necessary financial capital to operate global industrial enterprises. Attracting these resources requires continued value creation through growth and return on invested capital improvements. But in a down budget environment, where is this growth to come from? While many will think organic growth is the best value-creating option (and often is), the answer also lies in augmenting a classic portfolio strategy with a systematic approach to transactions. Mergers and acquisitions are a proven growth accelerant for defense companies, and have generated superior shareholder returns and greater resilience for companies that have pursued it systematically. At first glance, this may simply seem like an obvious description of recent history. The aerospace and defense sector, after all, has seen rapid consolidation in the last five years, with deals worth $358 billion struck between 2015 and 2019, three times the total between 2010 and 2014. The problem for defense companies looking for more of the same is that this wave of consolidation now appears to have run its course. The combined market value of the top five defense hardware players is now more than four times that of the next five; so even as further mega-deals are theoretically possible, they will be increasingly difficult to execute, underscoring the value of programmatic M&A. Distinct from selective or organic deal-making approaches, programmatic M&A involves a company conducting two or more small or midsized deals per year, with an aggregate value greater than 15 percent of its market capitalization over five years, that align with their overall corporate strategy (which is hopefully linked to the “fast streams” of growth in the budget (see exhibit below)). These deals get choreographed around a specific business case, such as scaling or integrating vital digital capabilities, and are rooted in a disciplined appraisal of transactions. In the defense industry, programmatic M&A should be deployed against a strategy supported by the customer's need for innovation, lower costs and better mission outcomes for the war fighter. Our analysis shows that over the last decade, few defense companies took a programmatic approach to M&A. Those who did outperformed their peers in total shareholder returns by 10.4 percent. M&A was also an important key to resilience during the last defense spending downturn in 2007-2011: The top quintile of outperforming companies, as well as optimizing cash and flexing capex, used it as an opportunity to grow less cyclical parts of the business and build digital capabilities. Defense companies may be deterred by the current market environment, featuring stretched valuations, competition from institutional capital and a squeeze on mid-tier players. They may be cautious about the challenge of integrating smaller nondefense acquisitions into company processes and culture — a process that is easier to get wrong than right to be sure. The very complexity of these circumstances creates opportunities for bold players to differentiate themselves from their peers, align their strategies with national defense priorities and add significant value for shareholders. When done well, programmatic M&A can form a central pillar of their growth strategy. With a proactive approach to deal sourcing, holistic diligence, and in-house execution and integration expertise, companies can establish M&A as a critical capability and avoid the risks of reactive, one-off projects. In the challenging environment that confronts the defense industry today, those who act boldly will succeed in creating enduring businesses that can adapt to the evolving needs of the national defense. Eric Chewning and Frank Coleman III are partners at McKinsey and Company. Chewning previously served as chief of staff in the Office of the Secretary of Defense, and before that as the Pentagon's industrial chief. https://www.defensenews.com/opinion/commentary/2020/11/16/why-defense-firms-need-to-get-systematic-about-ma-big-and-small/