EU Commission proposes 1.5 billion euro common defence industry package

On the same subject

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  July 22, 2019 | International, Naval

  US Navy signs contract to buy Fat Albert replacement aircraft

  The US Navy has officially signed a contract to purchase a used C-130J Super Hercules aircraft from the British Royal Air Force. The aircraft will replace the C-130T, nicknamed Fat Albert, used by the Blue Angels flying demonstration team. The contract was signed in Marshall Aerospace and Defence Group's chalet at the Royal International Air Tattoo. Fat Albert has served the Blue Angels for 17 years since 2002, providing logistics and transportation. It retired in May this year. The aircraft flew more than 30,000 hours and now serves as a ground-based training platform in Fort Worth, Texas. The flying demonstration team will continue to fly US Navy or Marine Corps C-130s until the arrival of the replacement C-130J aircraft. US Naval Air Systems Command Air, ASW, Assault and Special Mission Programs Program executive officer major general Gregory Masiello said: “We are very much looking forward to taking delivery of the aircraft and are very grateful to both the UK MoD and Marshall for enabling this transaction and know that the C-130 Hercules will be a valuable addition to our flying demonstration team.” Marshall is tasked with the job of delivering maintenance, painting and modifications to the US Navy's new C-130J that is being acquired from the RAF. RAF Number 2 Group commanding officer air vice-marshal David Cooper said: “This is a superb indication of the co-operation between the militaries of the UK and the US. We know that this C-130 Hercules will serve the US Navy as well as it has served the RAF.” Blue Angels is the US Navy's flight demonstration squadron https://www.naval-technology.com/news/us-navy-signs-contract-to-buy-fat-albert-replacement-aircraft/

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  August 14, 2023 | International, Naval

  Acting Navy chief takes over a fleet on the cusp of major changes

  Adm. Mike Gilday stepped down as chief of naval operations and handed command to Adm. Lisa Franchetti, who will lead in an acting capacity for now.

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  February 5, 2020 | International, C4ISR

  L3Harris looks to shed as much as 10 percent of company

  By: Jill Aitoro WASHINGTON — L3Harris Technologies could divest up to 10 percent of the company, according to CEO Bill Brown, as its recent decision to sell its airport security business for $1 billion is seen as the first of more transactions expected to refine the firm's portfolio. L3Harris signed a definitive agreement to sell the business unit to Leidos, according to an announcement Tuesday. The transaction is expected to close in mid-2020, barring any issues tied to regulatory approvals. Proceeds from the divestiture are expected to be used to repurchase shares and offset dilution. The deal is part of a larger strategy to reshape the portfolio, focusing on what Brown described on a call with analysts as “high-margin, high-growth, technology-differentiated businesses where we can win and generate attractive returns.” “Although this is the first and largest transaction we're contemplating, our portfolio-shaping process is ongoing and may ultimately result in 8-10 percent of total company revenue being divested over time,” he said. The company's 2019 revenue of $18.1 billion could translate to as much as $1.8 billion in divestitures. Brown told Defense News in June 2019 — one month before the merger of Harris and L3 Technologies was completed — about plans to divest a “pretty significant” piece of the business in the first six months as a single company. “Anytime you put two companies with two portfolios together and you rethink what strategy you want to accomplish, there's going to be some pieces of the portfolio at the back end of the bus,” Brown said at the time. “We have to look at where we want to put our management time, capital, and [research and development] investment. We can't put it on pieces that might not be as strategic." Brown told analysts that the deal would not impact the company's $3 billion free cash flow target in 2022. That in theory would set up L3Harris for a sizable acquisition down the road, should the company choose to go in that direction. A company spokesman could not comment on the specific defense-nondefense split post divestiture, but L3Harris would presumably see a larger slice of the business focusing on defense opportunities. In the 2019 Defense News Top 100 list of the largest defense companies, Harris and L3 reported 72 percent and 81 percent of revenue as defense-focused, respectively. L3Harris reported $18.1 billion in fiscal 2019 revenue. Once the deal with Leidos closes, the airport security businesses' $500 million in annual revenue would transition off the books. That said, L3Harris is forecasting 5-7 percent revenue growth in 2020 — so it won't be a straight reduction. https://www.defensenews.com/industry/2020/02/04/l3harris-looks-to-shed-as-much-as-10-percent-of-company