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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  BAE Systems plc    BA.   GB0002634946

Delayed Quote. Delayed  - 05/27 05:35:09 pm
483 GBp   +0.15%
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BAE Systems plc : BAE Systems Announces Agreement to Sell Safariland Business

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05/02/2012 | 03:25pm CEST

BAE Systems announced today that it has reached an agreement for the sale of its Ontario, California-based Safariland, LLC business to a newly formed acquisition vehicle affiliated with Kanders & Company, Inc.

Safariland, which has been part of BAE Systems since the 2007 acquisition of Armor Holdings, Inc., is a leading manufacturer and well recognized brand of innovative, high-quality protective products for law enforcement and security customers worldwide. The business employs approximately 1,700 people who work in the United States and Mexico at five locations in Ontario, California; Jacksonville, Florida; Pittsfield, Massachusetts; Casper, Wyoming; and Tijuana, Mexico.

"This proposed sale is another step in our ongoing plan to streamline our organization and further align the business portfolio with our strategy," said Frank V. Pope, president of BAE Systems, Inc.'s Land & Armaments sector. "We believe that this sale is in the best interests of BAE Systems as well as the Safariland business."

The proposed sale is conditional, among other things, upon receiving certain regulatory approvals, and is expected to close during the second or third quarter of 2012.

BAE Systems
Brian Roehrkasse, +1 703 312 6976
Mobile: +1 703 307 2568
brian.roehrkasse@baesystems.com
www.baesystems.com


© Business Wire 2012
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