US Army fires Precision Strike Missile in salvo shot for first time

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  26 mars 2020 | International, Aérospatial, Naval, Terrestre, C4ISR, Sécurité

  COVID-19 Relief Bill Adds $10.4B For DoD; OKs Extending Gens. Goldfein, Lengyel & Raymond

  By THERESA HITCHENS on March 25, 2020 at 3:22 PM WASHINGTON: Congress is likely to approve almost $9.4 billion for the Defense Department to use to attack COVID-19 — a sum that includes direct operations and maintenance funding to the services, the National Guard and reserves. There is an additional $1 billion in the bill that may be made available for contracting under the TRICARE health care program — bringing the entire package to $10.4 billion. The DoD funding is part of the $2 trillion relief deal being beaten out between the White House and Congress, that includes significant assistance to the defense industry. “The administration's thinking about how to use the military has evolved substantially from the supplemental proposal the administration submitted just last week,” notes Mark Cancian, a defense budget expert at the Center for Strategic and International Studies. “In that proposal, DoD's funding consisted of an $8.3 billion transfer account. DoD would later decide where to put the money. In this bill, the amount has grown to $10.4 billion, and the destination accounts have been specified, though there is still a lot of uncertainty and slushy-ness.” According to the draft bill obtained by Breaking Defense, the biggest chunk goes to the Defense Health Program “to prevent, prepare for, and respond to coronavirus, domestically or internationally.” The program is allocated $3.8 billion, of which $3.4 billion is for operations and maintenance; $415 million is for research, development, test and evaluation. The funds will remain available until Sept. 30, 2020. The TRICARE funds are provided in a separate section, but will be available until Sept. 30, 2021. The Defense Working Capital Fund — which allows DoD to make investments in things like depot maintenance, transportation, and supply management in the near term and recoup the costs through future year pricing deals — gets $1.5 billion. The bill would add $160 million in O&M funding to the Army budget; $360 million to the Navy; $90 million to the Marines; and $155 million to the Air Force. Defense wide O&M funds would be pumped up by $828 million. The Army National Guard is set to receive $187 million in O&M dollars and the Army Reserve is allocated $48 million; the Air National Guard would receive another $76 million. The Army and Air National Guards also would receive a plus up of $750 million and $480 million respectively in military personnel funds. Apart from new funds, the draft bill would allow President Donald Trump to extend the tenure of Air Force Chief Gen. David Goldfein, Space Force Chief Gen. Jay Raymond, and National Guard Bureau Chief Gen. Joseph Lengyel, among other military leaders set to retire — a move apparently made to avoid a change of hands during the current crisis. The extension can be for up to 270 days. Goldfein currently is set to retire in June. Raymond is doubled-hatted as chief of the Space Force and head of Space Command, but only for a year as mandated by the 2020 National Defense Authorization Act. Further, while DoD is given wide latitude to move the new money around to where it is needed, it specifically bans any funds being moved to fund Trump's southern border wall by preventing any transfer to DoD “drug interdiction or counter-drug activities.” Finally, Cancian noted that the language gives DoD “flexibility on contracts and contract decision authority.” The bill would allow DoD Secretary Mark Esper able to delegate authorities for emergency transactions at his discretion. https://breakingdefense.com/2020/03/covid-19-congress-likely-to-slate-9-4b-to-dod-for-response

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  23 juin 2021 | International, C4ISR, Sécurité

  Unsupervised Machine Learning in the Military Domain

  The STO is a NATO subsidiary body having the same legal status than the NATO itself, and created within the framework of the North Atlantic Treaty signed in Washington in 1949. It has been established with a view to meeting to the best advantage the collective needs of NATO, NATO Nations and partner Nations in the fields of Science and Technology. The STO is operated under the authority of the North Atlantic Council which has delegated the operations of the STO to a Board of Directors (the Science & Technology Board – STB) comprising the NATO Nations S&T managers. The STB is chaired by the NATO Chief Scientist who is a high level recognized S&T leader of a NATO Nation, being permanently assigned to the NATO headquarters in Brussels and also serving as the senior scientific advisor to the NATO leadership.

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  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