16 octobre 2018 | International, Aérospatial

TransDigm to Acquire Esterline Technologies in $4 Billion All Cash Transaction

CLEVELAND, OH and BELLEVUE, WA., October 10, 2018 /PRNewswire/GlobeNewswire -- TransDigm Group Incorporated (NYSE: TDG) and Esterline Technologies Corporation (NYSE:ESL) announced today that they have entered into a definitive agreement under which TransDigm will purchase all of the outstanding shares of common stock of Esterline for $122.50 per share in cash, which represents a premium of 38% to Esterline's closing price on October 9, 2018, or a total transaction value of approximately $4.0 billion including the assumption of debt. The transaction has been approved by the Boards of Directors of both companies. TransDigm expects the acquisition to be financed primarily through cash on hand and the incurrence of new term loans, and currently anticipates the acquisition to be modestly accretive to TransDigm's adjusted earnings per share within the first year of ownership.

The acquisition of Esterline expands TransDigm's platform of proprietary and sole source content for the aerospace and defense industries, including significant aftermarket exposure. Headquartered in Bellevue, Washington, Esterline is an industry leader in specialized manufacturing for these sectors with anticipated fiscal year 2018 revenue of approximately $2.0 billion. The company consists of 28 business units organized across eight platforms to deliver specialty aerospace, defense and industrial products. The company employs over 12,500 employees in more than 50 operating locations throughout the world.

Esterline has attractive platform positions in both the OEM and aftermarket and has substantial content on many important commercial aircraft variants, many regional and business jet aircraft and major defense platforms.

“We are pleased to have reached agreement to acquire a collection of businesses that fit well with our focused and consistent strategy,” stated W. Nicholas Howley, TransDigm's Executive Chairman. “Esterline's core aerospace and defense business consists of primarily proprietary, sole source products with significant and growing aftermarket exposure. We view this as highly complementary to our existing business. We are confident that the combination of Esterline's leading positions and our proven track record of driving performance will enable us to deliver the private equity-like returns our investors have come to expect from this investment."

Kevin Stein, TransDigm's President and Chief Executive Officer stated, “We are excited to acquire Esterline's wide range of complementary products and see a path to create significant value for TransDigm shareholders, customers and stakeholders. Upon completion of the transaction, Bob Henderson, TransDigm's current Vice-Chairman, will oversee the integration and operations of Esterline. Mr. Henderson has been a key member of TransDigm's management team for close to 25 years and has overseen the integration of numerous acquisitions during this period, including our recent acquisition of Kirkhill from Esterline.”

“Our combination with TransDigm delivers a compelling value for our shareholders,” said Curtis Reusser, Chairman, President and Chief Executive Officer of Esterline. “I am pleased with the outcome of our thoughtful strategic review process, and we believe it is the best result for all Esterline stakeholders. I am very proud of the commitment and focus of our employees to serving the needs of our customers, and I am confident the combined companies will be well positioned to succeed in the global market we serve.”

The acquisition will be financed through a combination of existing cash on hand of approximately $2 billion and the incurrence of new term loans. TransDigm has obtained commitments for the full amount of financing required for the transaction. Immediately upon closing, the combined company will maintain the financial flexibility to meet any anticipated operating, acquisition, and other opportunities that may arise though a combination of cash on hand, undrawn revolver, and under certain circumstances, additional availability under its credit agreement.
The transaction is subject to customary closing conditions, including Esterline stockholder approval and the receipt of required regulatory approvals. The companies expect to complete the transaction in the second half of calendar 2019.

Advisors

Morgan Stanley & Co. LLC acted as financial advisor to TransDigm. Wachtell, Lipton, Rosen & Katz and Baker & Hostetler LLP acted as TransDigm's lead legal counsel. Goldman Sachs & Co. LLC acted as financial advisor to Esterline and Evercore Group L.L.C. served as advisor to Esterline's Board of Directors. Skadden, Arps, Slate, Meagher & Flom served as legal counsel to Esterline.

Conference Call

TransDigm will hold a conference call to discuss this announcement beginning at 10:45 a.m. ET Wednesday, October 10. To join the call, dial (888) 558-9538 and enter the passcode 5278399. International callers should dial (760) 666-3183 and use the same passcode. A slideshow accompanying the presentation will be posted to http://www.transdigm.com prior to the call. A telephone replay will be available for one week by dialing (855) 859-2056 and entering the pass code 5278399. International callers should dial (404) 537-3406 and use the same passcode.

About TransDigm Group

TransDigm Group Incorporated, through its wholly-owned subsidiaries, is a leading global designer, producer and supplier of highly engineered aircraft components for use on nearly all commercial and military aircraft in service today. Major product offerings, substantially all of which are ultimately provided to end-users in the aerospace industry, include mechanical/electro-mechanical actuators and controls, ignition systems and engine technology, specialized pumps and valves, power conditioning devices, specialized AC/DC electric motors and generators, NiCad batteries and chargers, engineered latching and locking devices, rods and locking devices, engineered connectors and elastomers, cockpit security components and systems, specialized cockpit displays, aircraft audio systems, specialized lavatory components, seatbelts and safety restraints, engineered interior surfaces and related components, lighting and control technology, military personnel parachutes, high performance hoists, winches and lifting devices, and cargo loading, handling and delivery systems.

About Esterline

Esterline Corporation is a leading worldwide supplier to the aerospace and defense industry specializing in three core business segments: Advanced Materials; Avionics & Controls; and Sensors & Systems.

Operations within the Advanced Materials segment focus on technologies including high-temperature-resistant materials and components used for a wide range of military and commercial aerospace purposes, and combustible ordinance and electronic warfare countermeasure products.

Operations within the Avionics & Controls segment focus on technology interface systems for commercial and military aircraft and similar devices for land- and sea-based military vehicles, integrated cockpit systems, display technologies for avionics, training and simulation markets, secure communications systems, specialized medical equipment, and other high-end industrial applications.

The Sensors & Systems segment includes operations that produce high-precision temperature and pressure sensors, specialized harsh-environment connectors, electrical power distribution equipment, and other related systems principally for aerospace and defense customers.

Forward-Looking Statements

Statements in this press release which are not historic facts are forward-looking statements under the provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to expectations of Esterline's future performance, profitability, growth and earnings; expectations of TransDigm's earnings per share and the financial impact of the proposed transaction; the financing of the proposed transaction; and the timing of the proposed transaction. All statements other than statements of historical fact that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements, including, in particular, statements about our plans, objectives, strategies and prospects regarding, among other things, the acquired business. We have identified some of these forward-looking statements with words like "believe," "may," "will," "should," "expect," "intend," "plan," predict," "anticipate," "estimate" or "continue" and other words and terms of similar meaning. All forward-looking statements involve risks and uncertainties which could affect TransDigm's actual results and could cause its actual results or the benefits of the proposed transaction to differ materially from those expressed in any forward-looking statements made by, or on behalf of TransDigm. These risks and uncertainties include, but are not limited to, closing conditions to the proposed transaction may not be achieved, the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, the effect of the announcement or pendency of the proposed transaction on the TransDigm's and Esterline's business relationships, operating results and business generally, risks related to diverting management's attention from ongoing business operations, the outcome of any legal proceedings that may be instituted related to the Merger Agreement or the proposed transaction, unexpected costs, charges or expenses resulting from the proposed transaction, Esterline's actual financial results for the year ended September 28, 2018 may differ from expected results, TransDigm may have difficulty obtaining required approvals, TransDigm may have difficulty implementing its strategic value drivers, and TransDigm may be impacted by the effects of general economic and industry conditions. Except as required by law, TransDigm undertakes no obligation to revise or update the forward-looking information contained in this press release.

Additional Information and Where to Find It

This communication is being made in respect of the proposed transaction involving Transdigm and Esterline. In connection with the proposed transaction, Esterline intends to file relevant materials with the Securities and Exchange Commission (the “SEC”), including a preliminary proxy statement on Schedule 14A. Promptly after filing its definitive proxy statement with the SEC, Esterline will mail the definitive proxy statement and a proxy card to each stockholder of Esterline entitled to vote at the stockholder meeting relating to the proposed transaction. This communication is not a substitute for the proxy statement or any other document that Esterline may file with the SEC or send to its stockholders in connection with the proposed transaction. BEFORE MAKING ANY VOTING DECISION, STOCKHOLDERS OF ESTERLINE ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTION THAT ESTERLINE WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ESTERLINE AND THE PROPOSED TRANSACTION. The definitive proxy statement, the preliminary proxy statement and other relevant materials in connection with the proposed transaction (when they become available), and any other documents filed by Esterline with the SEC, may be obtained free of charge at the SEC's website (http://www.sec.gov) or at Esterline's website (http://www.esterline.com/) or by contacting Esterline's Investor Relations at 500 108th Avenue NE, Suite 1500, Bellevue, Washington 98004, or by calling (425) 453-9400.

Participants in the Solicitation

Esterline and TransDigm and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Esterline's stockholders with respect to the proposed transaction. Information about Esterline's directors and executive officers and their ownership of Esterline's common stock is set forth in its proxy statement for its 2018 Annual Meeting of Stockholders which was filed with the SEC on December 27, 2017, and its Annual Report on Form 10-K for the fiscal year ended September 29, 2017, which was filed with the SEC on November 21, 2017, and the Amendment No. 1 on Form 10-K/A, which was filed with the SEC on March 30, 2018. Information about TransDigm's directors and executive officers is set forth in its proxy statement for its 2018 Annual Meeting of Stockholders and its most recent Annual Report on Form 10-K. These documents may be obtained for free at the SEC's website at www.sec.gov. Additional information regarding the potential participants, and their direct or indirect interests in the proposed transaction, by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with SEC in connection with the proposed transaction.

Contact: TransDigm Esterline

Liza Sabol John Hobbs

Director of Investor Relations Sr. Director, Investor Relations

(216) 706-2945 (425) 453-9400

ir@transdigm.com

https://www.esterline.com/Newsnbsp;PressCenter/EntryId/6232/TransDigm-to-Acquire-Esterline-Technologies-in-4-Billion-All-Cash-Transaction.aspx

Sur le même sujet

  • South Korea’s KAI looks to enter military transport market

    13 novembre 2020 | International, Aérospatial

    South Korea’s KAI looks to enter military transport market

    By: Brian Kim SEOUL — Korea Aerospace Industries is considering adding military transport planes to its product line with the goal of partnering with foreign aircraft manufacturers, Defense News has learned. This would be an “unexplored business field” for the South Korean company, according to a source with KAI, who spoke on condition of anonymity. “For KAI, the transport aircraft market is an unexplored field, which has high potential for localization,” the source said. “The technology intensity of transport aircraft is lower than that of fighter jets, while the market of maintenance, repair and overhaul of transport planes remains profitable.” Founded in 1999, KAI has developed a successful portfolio of indigenous aerospace products including trainer jets, helicopters, fighter aircraft and satellites. The development of an indigenous fighter aircraft, codenamed KF-X, is underway with a goal of unveiling a prototype in the first half of 2021. KAI's internal analysis of the domestic transport aircraft market suggested about 100 transport aircraft would be in demand over the next three decades given the life span of aircraft flown by the military, the source told Defense News. In addition, the company believes there will be a chance to sell about 100 airlift planes overseas, the source explained. “To keep up with the demand for addressing increasing nonmilitary threats, such as national disaster, infectious disease and humanitarian aid, the needs for military transport airplanes are likely to grow,” the source added. The South Korean military operates about 60 transport aircraft built by foreign firms. The Air Force operates C-130s and CN-235s, mainly for airlift operations, while the Navy has P-3Cs and P-8As for maritime patrol missions. The oldest planes among the P-3C fleet were adopted 25 years ago. In line with efforts to take back wartime control of its forces from the U.S. military, South Korean military authorities want to acquire more aerial assets for independent intelligence, reconnaissance and surveillance missions. KAI expects it will be able to build its own transport aircraft in seven years with an investment of about $2.7 billion, according to the source. Following the development of a military version, the company envisages it could modify it into a commercial plane with a seat capacity of 100. To that end, KAI is eyeing international partnerships, the source said, specifically European company Airbus Defence and Space, Ukraine's Antonov, and Brazil's Embraer. https://www.defensenews.com/industry/2020/11/12/south-koreas-kai-looks-to-enter-military-transport-market/

  • Three Generations Of Fighters Compete For Limited Resources

    10 décembre 2020 | International, Aérospatial

    Three Generations Of Fighters Compete For Limited Resources

    Steve Trimble December 10, 2020 Fateful decisions loom in the next 12 months for a global fighter market caught up in a pivotal debate over how much to invest in each of three generations of aircraft designs now in production or development. As next-generation fighters continue to take shape on industry drawing boards—and in one case, a secret flying demonstrator—a final decision in 2021 over whether to buy another batch of aircraft with a Cold War legacy or Lockheed Martin's 20-year-old-design F-35A stealth fighter confronts Canada, Finland, Israel, Switzerland and, perhaps most surprisingly, the U.S. Internal U.S. Air Force fighter road map capped the F-35 at 1,050 Canada, Finland and Switzerland contract awards expected in 2021 With 13 purpose-built fighter types now in production globally for export customers (excluding about half as many modified training jets), military buyers are spoiled with competitive options and motivated sellers. But a series of contract awards planned for the next 12 months could induce a long-awaited reckoning, especially among production lines for fighters produced in Europe and the U.S. Multiple decisions in favor of so-called fifth-generation capabilities could nearly complete the F-35's dominance over European and American fighter demand for the next decade. Alternatively, if the balance of new contracts falls to fourth-generation rivals, the F-35 is likely to continue to face intense competition from the same aircraft it was designed to replace. For now, pressure from F-35 competitors is surging, including from within the type's biggest customer. The U.S. Air Force's program of record for the F-35A stands at 1,763 total aircraft, a figure that has not budged in nearly two decades, despite changes to the assumptions that determined the original number. The pressure on the Air Force's orderbook for F-35As has been building for at least six years. Speaking on condition of anonymity in November 2014, a senior Air Force official said the service internally was considering a purchase of 72 new Boeing F-15s, Lockheed Martin F-16s or even the Navy's Boeing F/A-18E/Fs. Hindsight suggests the disclosure may have been intended as a negotiating ploy with Lockheed over F-35 prices, but the idea clearly never died. Indeed, the Air Force signed an order in July 2020 for the first eight of “at least” 144 Boeing F-15EXs, replacing an aging fleet of F-15C/Ds. By 2018, those F-15C/Ds already had outlived their original service-life estimates as victims of the Defense Department's decision in 2010 to truncate production of the Lockheed F-22 after 185 deliveries. With only a longeron replacement necessary to maintain structural integrity, the Air Force still was planning to keep the F-15 C/D fleet in service for at least another decade until a next-generation fighter became available. But then the Air Force discovered another major structural flaw: The entire fleet required new wing skins to remain airworthy. Rather than invest in a major structural refit, the Air Force announced plans in 2019 to retire the fleet. But the manner of the F-15C/D replacement plan came as a shock. Breaking from a two-decade-old strategy to buy only stealthy fighters, the Air Force decided to bypass the F-35A and order F-15EXs instead. With cockpit, flight-control and wing upgrades mostly funded by Qatar and Saudi Arabia, the Air Force developed a new, long-term role for a fourth-generation fighter. Such a role already had been envisioned behind closed doors by a new organization on the Air Staff. Created in January 2018 as an internal think tank, the Air Force Warfighting Integrating Capability (AFWIC) office had torn up the long-standing assumption that only stealthy fighters could perform a useful role. By the end of 2018, the AFWIC's team of analysts had adopted a new fighter road map, according to a source. The road map envisioned a “great power” war. The principal role for each F-35A was to launch two stealthy cruise missiles—Lockheed AGM-158 Joint Air-to-Surface Standoff Missiles (JASSM)—from just inside defended airspace. That “kick-down-the-door” pairing would be combined with mass launches of multiple JASSMs each from F-15Es and F-15EXs, the source said. Other missions—namely, defensive counter-air and homeland defense—could be performed by the F-35. But other aircraft such as F-15EXs and F-16s also could be used. Driven by this new appreciation for a portfolio of fighter capabilities, the AFWIC team also reconsidered how many of each type would be needed. No fighter program escaped scrutiny, including the long-standing Air Force commitment to acquire 1,763 F-35As. AFWIC's fighter road map by the end of 2018 had capped F-35A deliveries at about 1,050 jets, the source said. Although that cap implies a 40% cut to the original plan for the F-35A, no change to the program of record was necessary, the source said. The Air Force has ordered 451 F-35As so far, according to the Aviation Week Network Military Fleet database. If new aircraft orders are maintained at a rate of 2-2.5 squadrons a year—48-60 jets—for the foreseeable future, the Air Force is at least 10 years away from hitting the 1,050 cap in AFWIC's fighter road map. In the meantime, the Air Force faces other decisions about whether to invest in more fourth-generation fighters, F-35As or next-generation aircraft. The Air Force still operates 232 Block 25 and Block 30 F-16C/D jets, which were delivered in the mid-1980s, according to the Military Fleet database. Air Force officials have said they expect to make a fleet replacement decision for these so-called “pre-block” F-16s in 4-7 years. When the Air Force established the program of record for buying 1,763 F-35As, the plan assumed replacing all of those pre-block F-16s. As a replacement decision enters the Pentagon's five-year budgeting horizon, however, Air Force officials have been more flexible. Last February, the head of Air Combat Command, who was then Gen. Mike Holmes, said low-cost, attritable aircraft would be considered for the pre-block F-16 replacement in the 2024-27 time frame. The fighter road map completed by AFWIC in 2018 considered the F-16 Block 70/72 and a potential fighter version of the Boeing T-7 as candidates for light-fighter sales to foreign militaries, the source said. “The trade space in the fighter road map is real, and the trade space is a combination of payload, range, speed and survivability,” the source said. “And I don't need all of one thing. I need a portfolio of things.” Over the past decade, the same debate has raged within the air forces of other countries, particularly for those that cannot afford to operate more than one type of fighter. The F-35 has fared well in those decisions. Among countries that have been offered the F-35, only Germany has rejected the stealth-fighter option so far. That record will be put to the test next year against a backdrop of national economic pressures imposed by the costs of the COVID-19 pandemic. Switzerland, Finland and Canada are evaluating proposals. A year-long political crisis in Israel delayed plans to order either F-15EXs or more F-35As, or both. A resolution to the country's presidential election was not reached until after the COVID-19 pandemic arrived in Israel, to consume the attention of decision-makers. In other countries with a fighter aircraft-design capability, the debate over spending on tactical aviation includes a third dimension. Following several years of study and analysis, the next generation of designs is beginning to assume a tangible form. This is especially true in the U.S. defense industry. In a startling, mid-September announcement, Will Roper—assistant secretary of the Air Force for acquisition, technology and logistics—declared the service had developed, built and flown a flight demonstrator for the Next-Generation Air Dominance (NGAD) program. Roper's announcement was light on details, including the time frame of the flight, details of the aircraft design and the status of the program now. But the concept of the need for an NGAD flight demonstrator was suggested in September 2019 by Gen. David Goldfein, who was then chief of staff of the Air Force. Several months before, the Air Force released a five-year budget plan that included a $6.6 billion funding cut for the NGAD program, a roughly 50% reduction compared to spending levels over the same period from only a year before. The spending cut made it unclear what had become of a notional concept popularized in 2015 and 2016 by U.S. defense contractors of a “sixth-generation fighter,” featuring a supersonic aircraft design lacking vertical tails and carrying advanced weapons such as an embedded high-energy laser for shooting down incoming missiles. Instead, the Air Force's leaner spending plan for the NGAD in 2019 supported a different concept for a next-generation fighter. Rather than a standalone aircraft that could, much like the F-35 and F-22 design requirement, prosecute a mission by itself with a diverse array of sensors to detect and identify targets in the air or on the ground in any weather, along with all of the munitions necessary to destroy those targets, the Air Force increasingly has emphasized adopting a family of systems to “close the kill chain.” The sensing and munition capabilities would be distributed among multiple aircraft that often must collaborate to complete a mission. At the same time, the Air Force is investing in several new technologies related to air dominance. A Next-Generation Adaptive Propulsion program aims to deliver an advanced new turbofan engine in fiscal 2025, with GE Aviation and Pratt & Whitney developing rival designs. A new family of unmanned aircraft systems designed to augment or operate independently of crewed fighters is being developed under the Air Force Research Laboratory's Skyborg program. In his remarks in September 2019, Goldfein said the NGAD program now is focused on maturing five different technologies that the Air Force does not intend will come together on a single platform. A prototype aircraft, he said, was necessary to demonstrate those technologies in flight. In Europe, progress is being made toward a next-generation fighter. By August 2021, France, Germany and Spain expect to conclude Phase 1A of the Future Combat Air System (FCAS) demonstrator program, with the goal of defining a wide range of technologies that will be carried into a flight demonstration scheduled to begin under Phase 1B at the end of 2026. A collaboration among the UK, Sweden and Italy under the Team Tempest consortium will enter 2021 with renewed support. A long-awaited defense review in London finally was published in November showing support for the Future Combat Air System Technology Initiative under a £1.5 billion ($2 billion) fund for military research over the next four years. Tens of billions more will be needed to complete development of the NGAD, FCAS and Tempest over the next two decades, even as Western governments continue to split modernization investments among three fourth-generation fighters—the Dassault Rafale, Eurofighter and Saab JAS 39E/F Gripen—and the F-35. Maintaining the right balance of spending in each category will consume the debate over fighter aircraft decisions on the horizon. https://aviationweek.com/aerospace-defense-2021/defense-space/three-generations-fighters-compete-limited-resources

  • Brexit turns up the heat on access rules to EU defense coffers

    5 février 2020 | International, Aérospatial, Naval, Terrestre, C4ISR, Sécurité

    Brexit turns up the heat on access rules to EU defense coffers

    By: Sebastian Sprenger COLOGNE, Germany — European leaders should modify rules to include Britain and the United States in their defense-cooperation efforts, ending a simmering dispute that could turn toxic over time, according to the director general of the European Union Military Staff. “We will find a way [on] how to engage the United States and other third-party states,” Lt. Gen. Esa Pulkkinen told Defense News in an interview in Washington last week. But he cautioned that the unresolved issue could become a “permanent” thorn in the side of relations with the United States, in particular. At issue are the conditions for access to the multibillion-dollar European Defence Fund and its associated collaboration scheme, the Permanent Structured Cooperation, or PESCO. The funds are meant to nurse the nascent defense capabilities of the continent's member states, with the idea that NATO would be strengthened in the process. Officials have left the door open for the U.K., which recently left the EU, as well as its defense companies to partake in individual projects, given the country's importance as a key European provider of military capabilities. But the exact terms have yet to be spelled out, requiring a balancing act between framing member states as primary PESCO beneficiaries while providing a way in for key allies. Defense officials in Washington previously criticized the EU initiative, complaining that it would needlessly shut out American contractors. European leaders countered that the program is first and foremost meant to streamline the bloc's disparate military capabilities, stressing that avenues for trans-Atlantic cooperation exist elsewhere. “EDF and PESCO isn't everything in the world,” Pulkkinen said in Washington. “We are not going to violate any U.S. defense industrial interests. “The defense industry is already so globalized, they will find a way [on] how to work together.” While European governments have circulated draft rules for third-party access to the EU's defense-cooperation mechanism, a final ruling is not expected until discussions about the bloc's budget for 2021-2027 are further along, according to issue experts. Officials at the European Defence Agency, which manages PESCO, are taking something of a strategic pause to determine whether the dozens of projects begun over the past few years are delivering results. Sophia Besch, a senior research fellow with the Centre for European Reform, said the jury is still out over that assessment. “The big question is whether the European Union can prove that the initiatives improve the operational capabilities,” she said. Aside from the bureaucratic workings of the PESCO scheme, the German-French alliance — seen as an engine of European defense cooperation — has begun to sputter, according to Besch. In particular, Berlin and Paris cannot seem to come together on operational terms — whether in the Sahel or the Strait of Hormuz — at a time when Europe's newfound defense prowess runs the risk of becoming a mostly theoretical exercise, Besch said. The EU members' ambitions remain uneven when it comes to defense, a situation that is unlikely to change anytime soon, according to a recent report by the German Marshall Fund of the United States. “The dispute around the concept of strategic autonomy has not led to any constructive consensus, and it will likely affect debates in the future,” the document stated. “Member states and the EU institutions will continue to promote different concepts that encapsulate their own vision of defense cooperation.” https://www.defensenews.com/global/europe/2020/02/04/brexit-turns-up-the-heat-on-access-rules-to-eu-defense-coffers

Toutes les nouvelles