19 février 2021 | International, Aérospatial, Naval, Terrestre, C4ISR, Sécurité

Entretien avec Florence Parly

La ministre des Armées, Florence Parly, accorde un entretien au Figaro. Elle évoque le lancement du programme des sous-marins nucléaires lanceurs d’engins de 3ème génération (SNLE 3G), notifié jeudi 18 février à Naval Group et TechnicAtome. La ministre rappelle également les enjeux des discussions en cours concernant le concept stratégique de l’OTAN, et indique qu’un sommet des chefs d’État et de gouvernement de l’Alliance doit se tenir cette année. Elle aborde également le programme SCAF, soulignant que « vouloir développer [ce programme] entre Européens est un message politique fort ». 

Le Figaro du 19 février 
 

Sur le même sujet

  • Opinion: How New ‘Predators’ Are Reshaping Aerospace Landscape

    16 mars 2020 | International, Aérospatial

    Opinion: How New ‘Predators’ Are Reshaping Aerospace Landscape

    By Antoine Gelain Behind the big aerospace and defense (A&D) primes like Boeing and Airbus and the “Super Tier-1s” such as United Technologies (UTC) and GE, a very different type of company is shaping the global A&D industrial landscape in a way that may be even more impactful than high-profile UTC-Raytheon-type mergers. Companies such as Teledyne, TransDigm and Heico are the spearheads of a breed of A&D players dedicated to “components and subsystems,” with explicit and perfectly executed “horizontal” external growth strategies. Their track records are impressive: These three companies—with combined revenues of more than $10 billion—have collectively made close to 200 acquisitions and delivered more than 20% average annual growth rate in either profitability or share value over the last 20 years. Thanks to such returns and skyrocketing market valuations, they are able to outbid most other contenders when going after an acquisition target by leveraging the so-called “accretive effect.”  This effect boosts the acquiring company’s earnings per share, as long as the price paid for the target as a ratio of the enterprise value (EV) over its earnings before interest, taxes, depreciation and amortization (EBITDA) is lower than that of the acquiring firm. As it happens, the current EV/EBITDA ratio of the three above-mentioned companies stands at more than 18 (see graph). By comparison, most other A&D companies have an EV/EBITDA ratio in the 9-13 range.    Such “buying power” is enhanced by operational synergies (for instance, in corporate overheads, sales and marketing), which immediately boost the profitability of the acquired company and can therefore be factored in the offer price. This gives them an additional edge against pure financial investors like private equity (PE) funds, which have historically been strong buyers of such component and subsystem businesses. Two recent deals in Europe (one still ongoing) illustrate this new balance of power. The first concerns Souriau-Sunbank, a $360 million-revenue specialist in interconnection technology for harsh environments. After being owned successively by two PE funds and bought by Esterline (now TransDigm) in 2011, it was again put up for sale last year. While expectations were that a PE fund would grab it, another industrial buyer, Eaton Corp., won the contest, paying the hefty price of $920 million (an EV/EBITDA multiple of 12). The second deal relates to a French company called Photonis, a world leader in night-vision technology for defense and space applications, for which Teledyne is apparently bidding—and offering a price 30% higher than the highest PE bid!  These deals highlight the limits of the traditional private equity model (too short-term and too short-sighted) and why the “new predators”—all publicly listed companies—are in a much better position to continue to thrive. In fact, by combining “private equity-like growth in value with liquidity of a public market,” as TransDigm puts it, they are not only beating PE players at their own game, but they are also capturing a significant share of the A&D capital market by offering investors an attractive alternative to the traditional vertically integrated groups such as UTC, Thales or Safran. These groups are typically too busy focusing on large systems and equipment to realize that they would actually benefit from articulating a proper “component and subsystem” strategy. They would benefit not only because their portfolios are still full of such businesses, but also because their long-term competitiveness largely depends on their ability to nurture a strong network of strategic suppliers, in terms of both criticality for their own systems and national sovereignty. As it happens, Photonis seems to be such a strategic supplier, since the current French government just announced it would veto the Teledyne deal, hoping to give other French or European companies or investors time to make a competitive offer for the business. But because PE funds, at least in Europe, are somewhat faint-hearted when it comes to ambitious sector-specific “horizontal” portfolio strategies, and because Europe has no industrial player able to compete with the likes of Teledyne, the outcome of the process is still highly uncertain. In any case, Teledyne, Heico, Transdigm and similar companies are surreptitiously reshaping the A&D industrial landscape by buying technological nuggets and component businesses left and right, on both sides of the Atlantic. In the process, they are boosting their shareholders’ returns and changing the balance of power with both traditional private equity investors and large vertically integrated A&D groups. As the saying goes: One man’s meat is another man’s poison. https://aviationweek.com/aerospace/manufacturing-supply-chain/opinion-how-new-predators-are-reshaping-aerospace-landscape

  • Trilateral Tempest Expands Industrial Base

    23 juillet 2020 | International, Aérospatial

    Trilateral Tempest Expands Industrial Base

    Tony Osborne Ninety percent of Britain’s front-line combat aircraft are crewed, but British Defense Secretary Ben Wallace says he expects a “major reversal” of these proportions by 2040. Wallace’s speech at the opening of a virtual Farnborough Airshow on July 20—a message reminiscent of the late Duncan Sandys’ 1957 defense white paper that declared the manned fighter redundant and guided and ballistic missiles to be the future of Britain’s defense—may hint at a radically altered Royal Air Force (RAF) with heavy fielding of swarming UAVs and other additive capabilities such as “loyal wingmen” dominating fleets. But Wallace’s comments also touched on the trajectory for the UK-led Tempest Future Combat Air System (FCAS), which is targeted to begin to replace the UK’s fleet of Eurofighter Typhoons from 2035. Air Chief Marshal Mike Wigston, chief of the Air Staff, said at the RAF’s annual air power conference on July 15 that he intended any FCAS to be optionally manned. Sandys’ defense plan sent reverberations through the UK aerospace industry, but the vision for the Tempest calls for a similar fundamental revolution. Saab spending £50 million on UK FCAS hub Technologies are being matured to support year-end business case submission BAE Systems says its factory of the future will subsume the need for heavy, fixed and long-lead tooling—halving production time compared with previous programs. And industry is looking to new players for cybersecurity technology from the banking world and materials technology from the automotive sector, companies from outside the typical defense industrial base. Two years since the announcement of Team Tempest—the industry consortium of BAE Systems, Leonardo, MBDA, Rolls-Royce and the British government’s Combat Air Strategy that coalesced at the 2018 Farnborough Airshow—the group is growing for the first time, with the inclusion of Bombardier UK, Collins Aerospace, GE UK, GKN, Martin-Baker, Qinetiq and Thales UK. The additions to the team come in the form of a first wave of industrial agreements, with BAE hinting that more industrial partners will follow. Of the new partners, Collins announced it had been contracted by BAE to provide advanced actuation capabilities. Sweden’s Saab announced also on July 20 that it is investing £50 million ($58 million) into the creation of an FCAS center in the UK. The facility will serve as a hub for the company’s participation in the FCAS and represent Stockholm’s first tentative steps into the venture. Saab does not name the Tempest specifically, with CEO Micael Johansson hinting that Sweden’s involvement is focused more on the technology rather than the future platform. “Saab’s FCAS strategy ensures that the technology is in place to support a long-term future air capability and also to support continuous upgrades of Gripen E for decades to come,” Johansson said. While the international partnership model for the Tempest has yet to be finalized, British officials have suggested that the partnerships could be agile and scalable. In other words, allowing nations to “partner in a way that suits them,” Richard Berthon, the UK Defense Ministry’s Combat Air acquisition program director, previously told Aviation Week (AW&ST July 13-26, p. 52). Johannsson said nations looking to refresh their fleets with the current generation of fighters, like the Gripen or Typhoon, should not be concerned about the push to deliver the Tempest during the 2030s. “A strong joint partnership around a future combat air system will also guarantee Gripen and Eurofighter access to new technologies,” Johannsson said. Existing customers, he said, should see the FCAS as a “seal of approval as we safeguard continuous fighter development.” Until now, the work between the national partners had been on a bilateral basis. The aim was “to define our common objectives,” BAE Systems CEO Charles Woodburn says. But this work has now extended into trilateral studies that include “assessing how we can start to realize the huge potential for collaboration across our three nations,” Woodburn says. Although the talks are now trilateral in nature, the UK says it is still keen to see more international partners “join our flightpath to discovery,” Wallace adds. Industry is already beginning to think trilaterally, with GKN Aerospace in Sweden confirming it will work with Rolls-Royce in the UK and Avio Aero in Italy on feasibility studies for a future fighter jet engine. GKN states it was contracted in the first quarter of 2020 by Sweden’s defense materiel agency, FMV, to conduct a study in collaboration with Rolls-Royce. Few details have emerged on the 60 technology demonstration programs currently being developed and matured by Team Tempest in support of the UK Future Combat Air System Technology Initiative (FCAS TI). Michael Christie, BAE’s head of Future Combat Air Systems, says work on maturing the technologies ready to support the business case submission to the British government at the end of this year has seen the partners “at least achieve or exceed” the maturity targets set, doing so “at great pace” and providing “fundamental evidence to the business case.” “Every one of these [60] projects will deliver a UK, European or world first,” says Cecil Buchanan, the RAF Rapid Capability Office’s chief scientist. https://aviationweek.com/ad-week/trilateral-tempest-expands-industrial-base

  • DSIT Solutions Recently Won a Tender to Supply Its Portable Acoustic Range (PAR) System to an Undisclosed Navy

    8 novembre 2019 | International, Naval

    DSIT Solutions Recently Won a Tender to Supply Its Portable Acoustic Range (PAR) System to an Undisclosed Navy

    November 7, 2019. DSIT Solutions Ltd. ‒ a subsidiary of RAFAEL Advanced Defense Systems Ltd., a pioneer and world leader in underwater defense and security solutions based on advanced sonar and acoustics technologies for naval, homeland security, energy, and transportation applications as well as state of the art fiber-optic sensing for land applications ‒ recently won a tender to supply its Portable Acoustic Range (PAR) system to an undisclosed navy. The PAR is an advanced application of underwater signal processing designed to measure noise radiated by submarines as well as surface vessels. According to Mr. Hanan Marom, DSIT Solutions VP Business Development and Marketing: "We are proud of the long-standing cooperation between DSIT Solutions and the purchasing navy and are pleased that the company's solutions ‒ recognized for their state-of-the-art technologies, excellent service and cost levels ‒ continue to meet the Navy’s expectations and needs. We look forward to continuing this fruitful cooperation for many years to come." The PAR system measures the radiated noise of any vessel, on or below the surface, thus enabling navies and shipyards to monitor and control the noise and silence of their submarines and ships. The PAR continuously tracks the measured platforms and transmits the data in real time to a remote command and control unit. This enables real-time radiated noise processing, analysis and display, using a wireless LAN Data Link between measurement buoy and measured platform. The PAR operates in a frequency range of 10-50,000 Hz. This system includes a database console for storing measurement results, which facilitates data management and provides playback and post-analysis capabilities. Mr. Marom added, “DSIT Solutions develops and manufactures technologically advanced, easy-to-operate, cost-effective systems and therefore we have been able to supply our solutions to a wide range of customers and navies in various regions of the world. We are dedicated to adapting the company’s solutions to the needs of diverse customers’ needs and missions in the fields of acoustics, sonar and fiber-optics.” About DSIT Solutions A subsidiary of Rafael Advanced Defense Systems Ltd., DSIT Solutions has been developing and implementing for the last three decades complete defense and security solutions targeting various underwater threats. Based on the company’s wide range of capabilities, solutions and pioneering technology, DSIT Solutions underwater sonar and acoustic analysis-based security systems for naval, HLS, energy and transportation industries, have been successfully deployed by dozens of sophisticated customers worldwide. For further information, please contact: Mr. Hanan Marom VP Business Development, Marketing & Sales DSIT Solutions Ltd. Tel: +972-3-531-9311 Cell: +972-54-999-7111 E-mail: hanan@dsit.co.il https://www.epicos.com/article/506211/dsit-solutions-recently-won-tender-supply-its-portable-acoustic-range-par-system

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