Financement de l'industrie française de la défense : vers un renforcement du rôle de Bpifrance ?

On the same subject

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  September 11, 2023 | International, Aerospace

  Poland to buy 486 HIMARS launchers from Lockheed Martin

  The announcement indicates that, in the long term, Poland wants the state-run defense industry to locally produce HIMARS rockets.

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  April 2, 2020 | International, Aerospace, Naval, Land, C4ISR, Security

  Opinion: Six Ways COVID-19 Could Change Defense Sector

  Byron Callan The coronavirus pandemic is going to be as consequential for defense and security as were the Sept. 11, 2001, attacks in the U.S. For the defense sector, there are multiple implications to ponder and possibly to begin to position for as these play out in 2021 and beyond. Large contractors should fare relatively well in 2020, compared to other sectors. They will not see the demand destruction that is ripping through commercial aerospace and therefore are unlikely to experience financial duress. That alone may enable them to act strategically and aggressively in 2020 and beyond, although there are risks to weigh as well. Here are six changes to ponder: First, a crisis the size of the COVID-19 pandemic is bound to spawn new government investment and organization to address future outbreaks. The Sept. 11, 2001, attacks led to the formation of the U.S. Department of Homeland Security and creation of the position of director of national intelligence. It's fair to assume there will be changes in the wake of the current pandemic. Some contractors already have federal services segments that address U.S. health care. Core skills they can bring are dealing with bureaucracies, technology and regulations. There should be new opportunities in 2021 and beyond from whatever changes are made to improve the national resilience and response to future pandemics. Second, small and medium-size businesses are being stressed. The CARES Act in the U.S. may help somewhat, and changes in Defense Department progress payment rates could be another short-term relief. Large contractors might choose to vertically integrate to improve their fortitude against future shocks. Or there could be further consolidation, particularly of distressed suppliers. A reintegration of defense and commercial aerospace is a third change that might emerge. The Raytheon-United Technologies merger may be a harbinger of this shift. The ramifications of the coronavirus crisis on the air transport and commercial aerospace sectors could lead to structural changes and a need for capital, particularly in commercial aerospace. If valuations remain depressed in 2020-21 in commercial aerospace, there could be more opportunity for defense contractors to reintegrate. A fourth change could be to expectations for contractors. The model for U.S. defense since 1945 has largely been that the Pentagon pays for the bulk of research and development, and contractors can reclaim most of their own research and development as an allowable cost for which they are reimbursed. Operating margins have generally risen, compared to levels evidenced in the 1980s and before, and large contractors have in the last 15-20 years allocated most free cash flow to shareholders. It is conceivable that this model will change in the 2020s. Operating margins may appear to be ho-hum compared to other sectors, but returns on invested capital are attractive. If there is a greater squeeze on the Pentagon budget and demand for security remains steady or increases, this could compel the Pentagon to change expectations for contractor behavior. Could they be expected to take on more contract risk? Will they need to step up their own independent research and development funding or find more creative ways to access and apply technology to national security needs? On the flip side, could there be more emphasis on dual-use technology investment, as occurred in the 1990s, where research and development for defense should have commercial/civil benefits as well? A fifth potential change is in security threats and national defense strategies. Some governments and regimes might come through this crisis with their positions enhanced, having overseen relatively mild disruptions and having been able to achieve quick economic bounce-backs. Others, however, will have failed this test, and they could see new political challengers (in democracies) or be overthrown or consumed by internal unrest from competing forces or mass movements that are emboldened by recent failures. The Middle East remains a likely place for these sorts of changes; Venezuela is another. The civil war in Syria and the fighting in Libya are current examples of how state collapse and regime challenge can drag in outside interests. The U.S. National Defense Strategy that reoriented the Pentagon and contractors toward “great power” competition could be pulled in different directions depending on where fragilities emerge. Some allies may be significantly weakened, and that could bear on U.S. defense planning and export sales. It is not just the coronavirus that matters in this regard; the crash in oil prices is also a factor to weigh. Finally, the coronavirus has turbocharged federal deficits and is sending federal debt to record levels. It may take weeks or months to assess just how much is going to be added, but there will be a fourth and possibly a fifth stimulus package in the U.S. Ultralow interest rates and the urgency of limiting social and economic damage and keeping the health care system functioning make this tolerable. But higher debt raises the risk in the 2020s that if rates increase, interest outlays could weigh on defense. https://aviationweek.com/defense-space/opinion-six-ways-covid-19-could-change-defense-sector

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  March 18, 2020 | International, Naval

  With coronavirus on the loose, US shipyards make adjustments but keep building

  By: David B. Larter and Courtney Mabeus WASHINGTON — U.S. shipyards are adjusting to meet the new coronavirus threat, but work continues across the country. In the wake of news that Fincantieri's shipyards in Italy has suspended operations for two weeks to help stem the spread of the illness, US shipyards have responded with more modest changes: suspending international travel, limiting domestic travel and suspending participation in conferences and trade shows for shipyard employees. Yards are also changing leave policies to allow workers time to adjust to restrictions that have closed schools and businesses across the country. While to date the changes have been minor, several company officials told Defense News that the situation was evolving and more could be coming down the pike as the government responds to the unfolding crisis that has rocked the country over the past week. Huntington Ingalls Industries' president and CEO Mike Petters addressed employees in a video message posted to the company's website Monday. Peters said he is meeting regularly with division leadership and the company has posted links to the Centers for Disease Control and Prevention, which he urged employees to check for the most accurate information. Employees who are experiencing symptoms or believe they may have been exposed should let the company know, he said. “Now more than ever we need to work as a team and look out for each other,” Petters said. Also on Monday, HII's Newport News Shipbuilding division president Jennifer Boykin extended "liberal leave" policies through second shift on March 20. In a post on the company's website, Boykin added that work would be "minimized" during the weekend and that with some exceptions, parking lots at the yard – the nation's only aircraft carrier manufacturer – would be open through Friday with no reserved spaces. Newport News Shipbuilding spokesperson Duane Bourne said the health and safety of workers remained the primary focus, calling it "premature to speculate on the impact of COVID-19 on our contracts." "We are having ongoing discussions with our customers and will continue that dialogue in preparing contingencies and future plans," Bourne wrote in an email. Fincantieri's Marinette shipyard in Wisconsin has suspended all international travel, all noncritical domestic travel and has suspended intracompany travel to prevent any potential spread between shipyards, said Eric Dent, the company's spokesperson. However, to date the company has seen no delays in operations. “So far, we have experienced no production delays,” Dent said. “Obviously like other businesses and shipyards, we have to balance force health protection and production as we work through this.” At General Dynamics' shipyards, both Bath Iron Works and submarine builder Electric Boat are continuing work, though they – like all the other yards – are allowing anyone who can work from home to do so, said Jeff Davis, a GD spokesperson. GD has likewise curtailed travel and ceased company participation in trade shows, Davis said. Electric Boat spokesperson, Liz Power, said the submarine builder is following all government recommendations. “Electric Boat remains open for business,” Power said. "Our ongoing mission is to provide our Navy with the high-quality submarines they require to complete their missions. “We have initiated all government-recommended measures to mitigate spread of the disease and continue to work closely with our employees, customers, suppliers, stakeholders and our community to keep them informed.” The ship repair industry is also taking precautions. Colonna's Shipyard Vice President Bob Boyd said the company is also asking its estimated 700 employees to follow the CDC's guidelines and advising anyone who feels sick to stay home. The company is doing additional screening with non-employees at its entrance, asking about recent travel and contacts, and talking with subcontractors about policies, Boyd said. With schools closed throughout Virginia, Colonna's "just taking it day-by-day." Dock landing ship Gunston Hall left Colonna's Shipyard in Norfolk last week and the company is currently working on Coast Guard vessel as well as Military Sealift Command's expeditionary fast transport ship Burlington, Boyd said. He said he couldn't speculate on what an order to stop work to counter the spread of the virus could mean for federal contracts. “Obviously, if they're shut down or we're ordered not to perform work, then you know, we'll follow those orders and resume work once we're cleared, but you know, it hasn't happened,” Boyd said. "We can't speculate that it will. So, we don't really know what will happen if and when those types of decisions are made, but so far they have not. " https://www.defensenews.com/coronavirus/2020/03/16/with-coronavirus-on-the-loose-us-shipyards-make-adjustments-but-keep-building/