BAE Sells Inertial Products Group to J.F. Lehman
On April 24, 2007, BAE Systems announced a definitive agreement to sell its Inertial Products group within the Electronics & Integrated Solutions division to J.F. Lehman & Co. for $140 million cash, subject to customary post-closing adjustments. The sale also includes BAE Systems’ share of Silicon Sensing Systems, a joint venture between BAE Systems and Sumitomo Precision Products that is based in the U.K. and Japan. BAE’s release added that: “The sale is consistent with BAE Systems’ strategy to expand as a developer and integrator of systems and de-emphasize its role as a components provider.”
The Inertial Products business supplies military and commercial customers inertial sensors and measurement units for the control, navigation and guidance of fixed-wing and rotary-winged aircraft, precision weapon systems, missiles, unmanned aerial vehicles, aerial targets and drones, tanks and fighting vehicles. It has approximately 810 employees at sites in Cheshire, CT; Heath, OH; Wayne, NJ; and Plymouth, UK. The transaction, is expected to occur within 60 days following receipt of regulatory approvals.