Most corporate mergers and acquisitions fail. Measured over 5 years, with the defining criterion as financial results, the failure rate is between 50-75% in most studies. A recent BAE OMC release, however, indicates that BAE may have made a solid move. The larger trend toward blast-resistant vehicles is clear, and the release even misses some important BAE wins.
Johan Steyn, managing director of BAE Systems Land Systems South Africa:
Small business qualifier Waterfront Marine Construction Inc. in Virginia Beach, VA won a $20 million firm-fixed-price contract for repair of a flood protection system and infrastructure at Fort Monroe, VA. Ft. Monroe has a history that dates back to the 1800s, and houses a number of tenants, including TRADOC – the US Army’s Training & Doctrine command. Work is expected to be completed by Jun. 20, 2009. There were 20 bids solicited on Dec. 22, 2006, and 6 bids were received by the U.S. Army Corps of Engineers in Norfolk, VA (W91236-07-C-0019).
Map of Ft. Monroe
Highlights of the 2-year seawall repair and improvement project include the construction of a new seawall between the “Navy” pier located west of the Chamberlin and the fishing pier behind Battery Parrott on Fenwick. The new wall will be built in front of the existing structure and will be 24 inches higher, at an elevation of approximately 9.5 feet above the average water line. Contractors will also build additional erosion barriers and breakwaters to lessen the impact of large waves crashing toward the shoreline. This is expected reduce “wave overtopping” by 60% in a storm equivalent to 2003’s Hurricane Isabel, whose damage and flooding led to this project. It will also help prevent environmental problems such as “black water” (seawater + oil, raw sewage, etc.) from contaminating much of the installation and the surrounding Chesapeake Bay, and remedy safety concerns such as compromised or non-existent hand rails, aging utility infrastructure, and risks like standing water and basement flooding that promote mosquitoes, mold & disease.
Emphasis will be placed on the southern side of post where most of the historic properties are located, and the project is estimated to pay for itself via cost avoidance within 6 years. While no flood protection is ever perfect, an Army Engineer study estimates that the project improves flood protection for Fort Monroe from a 5-year level (20% chance of larger storm in any given year) to a 25-year level (4% chance). See full Fort Monroe release.