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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

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  18 février 2019 | International, Aérospatial, Naval, Terrestre, C4ISR, Sécurité, Autre défense

  Contract Awards by US Department of Defense - February 15, 2019

  NAVY The Charles Stark Draper Laboratory, Cambridge, Massachusetts, is awarded a $191,029,190 fixed-price-incentive-fee contract for the production of TRIDENT II D5 Strategic Weapon System MK6 Guidance Equivalent Units. This contract contains options which, if exercised, would bring the total contract value to $391,767,950. Work will be performed in Cambridge, Massachusetts (30.5 percent); Clearwater, Florida (20.6 percent); Pittsfield, Massachusetts (43.2 percent); and McKinney, Texas (5.7 percent). The work is expected to be completed by July 31, 2022. If the option is exercised, work will continue through July 31, 2023. Fiscal 2019 weapons procurement (Navy) funds in the amount of $189,489,000; and United Kingdom funds in the amount of $1,540,190 are being obligated on this award, none of which will expire at the end of the current fiscal year. This contract was awarded on a sole-source basis in accordance with 10 U.S. Code 2304 (c)(1)&(4) and was previously synopsized on the Federal Business Opportunity website. Strategic Systems Programs, Washington, District of Columbia, is the contracting activity (N00030-19-C-0008). Lockheed Martin Rotary and Mission Systems, Syracuse, New York, is awarded a $20,000,000 indefinite-delivery/indefinite-quantity, cost-plus-incentive-fee and firm-fixed-price contract for engineering and technical services for the design, development, testing, integration, technology insertion/refreshment and system support of the AN/BLQ-10 Electronic Warfare System (Technology Insertion (TI)-20, TI-22, and TI-24) on new-construction and in-service submarines. This contract includes options which, if exercised, would bring the cumulative value of this contract to $970,083,614. Work will be performed in Syracuse, New York (95 percent); and Manassas, Virginia (5 percent), and is expected to be completed by February 2020. If options are exercised, work will continue through February 2029. Fiscal 2019 research, development, test and evaluation funding in the amount of $8,500,000 will be obligated at time of award and will not expire at the end of current fiscal year. This contract was competitively procured via the Federal Business Opportunities website, with two offers received. The Naval Sea Systems Command, Washington, District of Columbia, is the contracting activity (N00024-19-D-6200). The Boeing Co., St. Louis, Missouri, is awarded a $17,777,048 modification to a previously awarded, cost-plus-fixed-fee, indefinite-delivery/indefinite-quantity contract (N00019-18-D-0001). This modification increases the ceiling of the contract to procure up to an additional quantity of two F/A-18E/F aircraft, modified to extend the service life of the aircraft. Work will be performed in St. Louis, Missouri (75 percent); and El Segundo, California (25 percent), and is expected to be completed in October 2020. No funds are being obligated at time of award, funds will be obligated on individual orders as they are issued. The Naval Air Systems Command, Patuxent River, Maryland, is the contracting activity. Su-Mo Builders Inc.,* Honolulu, Hawaii, is awarded $9,989,777 for firm-fixed-price task order N6247819F4051 under a previously awarded, multiple award construction contract (N62478-18-D-4023) to provide repair to the mess hall and replace the walk-in freezer and cooling systems at Building 1089, Marine Corps Base, Hawaii. The project includes repairs to various areas and components of the mess hall, as well as electrical work, landscaping, the construction of two mechanical enclosures, and the installation of hand wash stations, an entry vestibule, and air conditioning. Work will be performed in Kaneohe, Hawaii, and is expected to be completed by September 2020. Fiscal 2019 operations and maintenance (Marine Corps) contract funds in the amount of $9,989,777 are obligated on this award and will not expire at the end of the current fiscal year. Six proposals were received for this task order. The Naval Facilities Engineering Command, Hawaii, Joint Base Pearl Harbor-Hickam, Hawaii, is the contracting activity. Seemans Composites, Gulfport, Mississippi, is awarded a $9,125,520 cost-plus-fixed-fee contract for the machining center proposal. This effort will evaluate Navy unmanned underwater vehicles launch and recovery needs and define target areas for further evaluation and design definition. Work will be performed in Gulfport, Mississippi, and is expected to be completed Feb. 11, 2022. Fiscal 2019 research, development, test and evaluation (Navy) funds in the amount of $9,125,520 are obligated at the time of award. No funds will expire at the end of the current fiscal year. This contract was competitively procured under N00014-18-S-B001 lLong range broad agency announcement (BAA). Proposals will be received throughout the year under the long range BAA; therefore, the number of proposals received in response to the solicitation is unknown. The Office of Naval Research, Arlington, Virginia, is the contracting activity (N00014-19-C-2015). DEFENSE LOGISTICS AGENCY SupplyCore Inc.,* Rockford, Illinois, has been awarded a maximum $90,000,000 firm-fixed-price, bridge contract for facilities maintenance, repair, and operations items. This was a sole-source acquisition using justification 10 U.S. Code 2304 (c)(1), as stated in Federal Acquisition Regulation 6.302-1. This is an eight-month contract with no option periods. Location of performance is Illinois, with an Oct. 25, 2019, performance completion date. Using military services are Army, Navy, Air Force, and Marine Corps. Type of appropriation is fiscal 2019, through 2020 defense working capital funds. The contracting activity is the Defense Logistics Agency Troop Support, Philadelphia, Pennsylvania (SPE8E3-19-D-0004). Excel Garment Manufacturing Ltd.,* El Paso, Texas, has been awarded a maximum $15,526,032 firm-fixed-price, definite-quantity contract for Navy utility coveralls. This was a competitive acquisition with three offers received. This is an eight-month contract with no option periods. Location of performance is Texas, with an Oct. 14, 2019, performance completion date. Using military service is Navy. Type of appropriation is fiscal 2019 defense working capital funds. The contracting activity is the Defense Logistics Agency Troop Support, Philadelphia, Pennsylvania (SPE1C1-19-C-0004). ARMY Oshkosh Defense LLC, Oshkosh, Wisconsin, was awarded a $74,189,379 modification (P00004) to contract W56HZV-18-F-0153 for procurement of Family of Medium Tactical Vehicles variants. Work will be performed in Oshkosh, Wisconsin, with an estimated completion date of Sept. 30, 2021. Fiscal 2019 other procurement, Army funds in the amount of $74,189,379 were obligated at the time of the award. U.S. Army Contracting Command, Warren, Michigan, is the contracting activity. Abt Associates Rockville, Maryland (W912HQ-19-D-0002); AECOM Technical Services Inc., Los Angeles, California (W912HQ-19-D-0003); Booz Allen Hamilton Inc., McLean, Virginia (W912HQ-19-D-0004); and CDM Federal Programs Corp., Carbondale, Illinois (W912HQ-19-D-0005), will compete for each order of the $47,200,000 firm-fixed-price contract for navigation, data and systems analytical and professional support services. Bids were solicited via the internet with seven received. Work locations and funding will be determined with each order, with an estimated completion date of Feb. 14, 2024. U.S. Army Corps of Engineers, Fort Belvoir, Virginia, is the contracting activity. The Boeing Co., Mesa, Arizona, was awarded a $12,850,128 firm-fixed-price foreign military sales (Qatar) contract for post-production support services for the Qatar Armed Forces AH-64E Apache helicopter fleet. Bids were solicited via the internet with one received. Work will be performed in Mesa, Arizona, with an estimated completion date of Feb. 14, 2024. Fiscal 2019 foreign military sales funds in the amount of $3,078,195 were obligated at the time of the award. U.S. Army Contracting Command, Redstone Arsenal, Alabama, is the contracting activity (W58RGZ-19-C-0020). AIR FORCE Apogee Engineering, Colorado Springs, Colorado, has been awarded a $28,193,611 firm-fixed-price contract for Space Logistics Infrastructure Support Services (SLISS) – 2. The SLISS-2 contract will provide services to the Space and Missile System Center Space Logistics Directorate and related space organizations. The SLISS-2 contract will be used to acquire non-personal services in support of various missions, command, control, communications and intelligence activities within Air Force Space Command. Additionally, the contract will provide logistical support to various space organizations such as, Air Force Satellite Control Network, Space Lift Range System, Global Positioning System, Defense Meteorological Satellite Program, Military Satellite Communications, and Space Based Infrared Systems. Work will be performed at Peterson Air Force Base, Colorado; and Schriever AFB, Colorado, and is expected to be completed Feb. 28, 2025. This award is the result of a competitive acquisition and four offers were received. Fiscal 2019 operations and maintenance funds in the amount of $4,515,781 are being obligated at the time of award. Space and Missile Center/Sustainment Directorate at Peterson AFB, Colorado, is the contracting activity (FA8823-19-F-0001). Jackpine Technologies Corp., Maynard, Massachusetts, has been awarded a $12,000,000 single-award, indefinite-delivery/indefinite-quantity contract for the Hanscom Development, Security and Operations Cloud. This contract provides for on and off premise cloud-based service provider to the Department of Defense (DoD) community, acting as a collaborative and secure platform to test, develop and connect a multitude of DoD-wide users. Work will be performed at Hanscom Air Force Base, Massachusetts, and is expected to be completed Feb. 14, 2021. This award is the result of a sole-source acquisition. Foreign military sales funds in the amount of $45,000 are being obligated at the time of award. Air Force Life Cycle Management Center, Hanscom AFB, Massachusetts, is the contracting activity (FA8730-19-D-0003). DEFENSE INFORMATION SYSTEMS AGENCY Intelligent Waves LLC, Reston, Virginia, was awarded a competitive firm-fixed-price, indefinite-delivery/indefinite-quantity contract with the Defense Information Systems Agency to provide global logistical service management and field service representatives in support of the Distributed Tactical Communication System and the Department of Defense Enhanced Mobile Satellite Services program. The cumulative face value of this action is $48,000,000 with the base year funded by fiscal 2019 defense working capital funds. The basic proposal was solicited via electronic means through FedBizOps with six proposals received. The period of performance is from Feb. 25, 2019, to Feb. 24, 2020, with four 12-month option periods. Performance will be at various locations within the U.S. and deployed locations worldwide. The Defense Information Technology Contracting Organization, Scott Air Force Base, Illinois, is the contracting activity (HC1013-19-D-0003). IntelSat General Corp., McLean, Virginia, was awarded a firm-fixed-price contract modification to exercise Option Period Three on task order GS-35F-0478U/HC1013-16-F-0020 for commercial satellite communications service in direct support of the U.S. Air Force's Central Command network architecture, which includes fixed and mobile platforms, including remotely piloted aircraft and communications on-the-move assets. The face value of this action is $8,553,756 funded by fiscal 2019 operations and maintenance funds. Primary performance will be at the contractor's facility. The period of performance is Feb. 16, 2019, through Feb. 15, 2020. The Defense Information Technology Contracting Organization, Scott Air Force Base, Illinois, is the contracting activity (HC1013-16-F-0020-P00007). * Small business https://dod.defense.gov/News/Contracts/Contract-View/Article/1759513/source/GovDelivery/

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  12 septembre 2019 | International, Terrestre

  DSEI: UK’s Warrior fleet upgrade about 18 months away from kickoff

  By: Andrew Chuter LONDON — Negotiations are underway on a production contract to update the British Army's fleet of Warrior infantry fighting vehicles, according to the Ministry of Defence official running the program. “We are now talking about how we go forward on production,” Marcus Bruton, the MoD's Warrior upgrade director said during an interview at the DSEI show Sept. 10. Bruton said the two sides were probably 18 months away from a contract allowing Lockheed Martin and its supply chain to start upgrading the Warrior. The effort to progress the long running Warrior capability sustainment development program into the manufacturing phase has come on the back of Lockheed Martin successfully achieving 20 battlefield mission assessments – a key milestone in the reliability growth test program now underway. The MoD said in March it would open manufacturing contract negotiations once it was satisfied with progress on reliability trials. In late August Lockheed Martin achieved that milestone. The company said that in cooperation with the British Army Armoured Trials and Development Unit, it had fired thousands of rounds from the new CTAI developed 40 mm cannon, driven more than 5,000 kms, and achieved the battlefield mission assessments with flying colors. Lockheed Martin Warrior program Director Lee Fellows said he is expecting a deal towards the back end of next year. The company is keen to get the production contract signed and sealed but “we need to get it right, so it will take as long as it needs to," he added. "Getting it done at pace and quality aequally important.” Quantities, the mix of variants and affordability are among the items due to be discussed. Discussions on how to overcome issues of design authority ownership is also part of the build up to a production contract, said the officials. BAE holds the design authority on the existing legacy Warrior, but Lockheed Martin holds the approval for the extensive upgrade — particularly the new turret. “The expectation is there will be a collaboration with BAE. We are talking with them already, that's part of the negotiations,” said Fellows. Neither executive will comment on what sort of upgrade numbers the British Army is looking at. Roughly 740 vehicles were delivered to the British Army starting 1988 but a number were lost in Iraq and Afghanistan. A number of vehicles have been earmarked for battlefield support duties that don't require a new turret. At one time the number of hulls to be updated was in the region of 380, but suppliers at a company briefing in March said that as the British Army downsized and budgets became more challenging the figure slipped to around 265 or lower. The Lockheed Martin executive said that the next 18 months or so will bring further reliability growth trials, but that the major risks have been removed and testing had not unearthed any significant problems. The update is considered one of the Army's top priorities alongside other vehicle programs, including the Challenger 2 tank upgrade and procurement of the Boxer mechanized infantry vehicle from German company Artec. Lockheed Martin was awarded a development deal to upgrade Warrior vehicles back in 2011, but the program has been dogged with problems slowing down progress towards a production deal by several years. The update program includes a new turret fitted with the CTAI cannon, electronic architecture, a modular protection systems and other enhancements. It's a much needed update. The current vehicle's inability to fire on the move is just one of a number of shortcomings deemed to make the Warrior obsolete by current battlefield standards. https://www.defensenews.com/digital-show-dailies/dsei/2019/09/11/uks-warrior-fleet-upgrade-about-18-months-away-from-kickoff