Turkish Baykar advances two drone efforts

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  20 novembre 2019 | International, Aérospatial

  British government signals support for Cobham takeover by private equity firm Advent

  By: Andrew Chuter LONDON — The British government has signaled it will give the green light to a £4 billion (U.S. $5 billion) takeover that would see local defense contractor Cobham acquired by a U.S.-based private equity company. Business Secretary Andrea Leadsom announced Nov. 19 that she was “minded to accept” the proposed takeover but would put out for public consultation assurances given by Advent International regarding British security concerns before making a final call. Advent moved to buy Cobham in July securing the approval of 93 percent of shareholders in the Wimborne, southwest England-based contractor best known for its world leading role of air-to-air refueling technology. Cobham's annual turnover of £1.86 billion took it to 57th place in the Defense News Top 100 companies listing earlier this year. Over 50 percent of its revenues were generated in the United States where the company has substantial manufacturing facilities. The British government intervened in the takeover in September following criticism led by Nadine Cobham, whose father-in-law formed the company in 1935. Members of Parliament also raised security concerns over the sale. The government has spent the last few weeks reviewing the proposed acquisition ahead of Leadsom outlining the government's current position. "Following my update to Parliament on 5. November, I have now reviewed further national security advice from the Ministry of Defence and met with both Cobham and Advent, who have offered legally binding undertakings designed to mitigate national security concerns, which I am minded to accept.” "They will now be considered by a public consultation, and I will provide a further update once that process has concluded,” said Leadsom. The consultation closes Dec. 17 – five days after the general election. The assurances include Advent giving the MoD prior notice of plans to sell off parts or all of Cobham, agreeing to honor the terms of existing contracts. In addition, the new owners would have to ensure existing security arrangements are strengthened and maintain the ability to supply key services for five years. Nadine Cobham has previously said assurances were not worth the paper they were written on. Alex Ashbourne-Walmsley, a defense consultant at ASC here in London, said she thought Leadsom had taken the right decision on the Cobham sale. “It's advisable for the government to respect the clear instructions of the Cobham shareholders. It is sensible, however, for government to build in conditions regarding any future sale of parts of the business. Private equity houses, unlike traditional industrial corporations, tend to take the shorter-term, more profit-driven view of disposal of their acquisitions, rather than considering matters such as national security of supply and the wider strategic interest,” she said. Criticism over the proposed acquisition of an important part of the British defense industry follows the controversial takeover last year of GKN by Melrose, another private equity company. Despite the furore over the Cobham sale the Financial Times said today the assurances sought by the government from Advent were weaker than those demanded to wave the GKN deal through. https://www.defensenews.com/global/europe/2019/11/19/british-government-signals-support-for-cobham-takeover-by-private-equity-firm-advent

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  19 août 2020 | International, Aérospatial, Naval, Terrestre, C4ISR, Sécurité

  When the challenge of coronavirus becomes a catalyst to change

  By: Mike Gruss One way to understand how the United States' largest defense companies are responding to the coronavirus pandemic is to listen to what their leaders said on the most recent round of earnings calls. Consider this anecdote from General Dynamics. Phebe Novakovic, the company's chief executive, told analysts in late July that when COVID-19 struck, “our classified customers closed their sites to all but mission-essential employees. This impacted revenue and earnings and will continue to do so. Some of IT services' highest-margin programs have come to a hard stop because of COVID-19.” Novakovic described the pandemic as a time of “significant uncertainty.” That story was not unusual. David Calhoun, Boeing's CEO, described this as “a historically dynamic and challenging time.” Greg Hayes, Raytheon Technologies' top executive, opened his second-quarter call by stating: “As everyone knows, these last several months have been incredibly challenging.” And Bill Brown, the CEO of L3Harris, said: “The pandemic has challenged us all to find new ways of working effectively.” To be clear, defense contractors have lost roughly 20 percent of their value in the last six months, by tracking exchange-traded funds. That's the worst run for publicly traded companies in at least a decade. So what to make of this? James Taiclet, Lockheed Martin's new leader, said his philosophy is that there may be “an opportunity for us if there is a downturn, we're going to look at the silver linings that may be there.” He was talking about mergers and acquisitions. But defense companies of all sizes should look for another opportunity: a reason to operate differently, not an excuse to get back to basics. Leaders should reexamine how to embrace new talent, how to effectively telework, and how to add new equipment or partnerships with unexpected sources. Military leaders for years have said they value agility. Now they will get to watch firsthand who changes, who is prepared for the long term, who adapts and who merely talks about adapting. These “challenges” can give acquisition officials a reason to reward agility. But back to the earnings calls. Officials hinted about what may happen next, before we — fingers crossed — enter a post-pandemic world. Lockheed's Kenneth Possenriede, the company's chief financial officer, said that while solicitations may be slower getting out the door, final deadlines have not changed. Brown at L3Harris said: “We believe that the heightened threat environment will drive the trajectory of U.S military spending regardless of the election.” Novakovic seconded that notion. “There's a general consensus that the threat has not dissipated,” she said. “In fact, arguably some of our potential adversaries have raised additional questions. ... We'll see going forward, but [I'm] not hearing a lot at the grassroots level on ... any pending defense cuts.” The threat may not have changed. Nor may the business of defense. Yet. But it's impossible to ignore that almost everything else has. https://www.defensenews.com/opinion/2020/08/17/when-the-challenge-of-coronavirus-becomes-a-catalyst-to-change/

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  14 septembre 2024 | International, C4ISR, Sécurité

  17-Year-Old Arrested in Connection with Cyber Attack Affecting Transport for London

  17-year-old arrested over cyber attack on TfL, exposing 5,000 customers' sensitive data. Investigation ongoing.