BAE Completes Acquisition of Tenix Defence
(Adelaide, June 27, 2008) -- BAE Systems today completed its acquisition of Tenix Defence after receiving all required approvals. The company announced it had entered into a definitive agreement to acquire Tenix Defence on 18 January 2008 for up to A$775 million in cash.
The acquisition of Tenix Defence is a significant step in the implementation of BAE Systems' strategy to develop as the premier global defence and aerospace company through a multi-home market business focus.
Commenting on the acquisition, Mike Turner, Chief Executive of BAE Systems, said: "The acquisition of Tenix Defence will transform our business in Australia, making it the largest in-country defence supplier to the Australian Defence Force. Australia is one of BAE Systems' six home markets and the company has a proud history of investing in Australian capability."
Tenix Defence will be integrated with the operations of BAE Systems Australia, headquartered in Adelaide. The acquisition grows the business significantly taking the number of employees to over 5,500 and current annual sales in excess of A$1.2 billion.
Jim McDowell, Chief Executive of BAE Systems Australia, said: "This transaction significantly enhances the depth and breadth of our capabilities in Australia. It adds a major naval business to our portfolio and significantly increases our land capability. We have restructured our organisation to reflect our presence in the new sectors and better to align with our customer. The combination of the two companies will enable us better to equip and support the Australian Defence Force for many years to come."
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