Breaking news
BAE Systems has agreed to sell South African armoured vehicle business to Denel 1208141.
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Defence & Security Industry News - Denel / BAE Systems |
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| Tuesday, August 12, 2014 08:46 AM | |||
| BAE Systems has agreed to sell South African armoured vehicle business to Denel. | |||
BAE SYSTEMS has agreed to sell its South African armoured vehicle business
to local defence manufacturer Denel for R855 million. Europe’s leading
weapons maker would dispose of a 75 percent holding in Land Systems SA
to help focus its own armoured activities on tracked, combat and amphibious
vehicles, Erwin Bieber, the president of BAE Platforms and Services, said
August 10, 2014. |
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 BAE Systems RG-35 armoured vehicles at Defense Exhibition in South Africa. |
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DGD
Technologies, a black economic empowerment company, is selling the remaining
25 percent stake. The South African operation specialises in tactical
wheeled vehicles, remote weapon launching platforms, fire directing systems,
mechanical driveline products and precision machined components and gears.
The sale should close in the fourth quarter given regulatory and other approvals, BAE said. State-owned Denel was formed in 1992 from the former Armscor, with London-based BAE seeking a 30 percent stake in 2000 before the deal fell through over the next three years. BAE acquired most of its South African land systems assets through its purchase of Alvis a decade ago. |
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