HEADLINES

  • Moody’s downgrades Rolls-Royce credit rating

    Weak cash flow and an over-reliance on working capital gains to bolster financial results have led Moody’s Investors Service to downgrade Rolls-Royce’s long-term credit rating to Baa1 from A3. This is the long-term senior secured rating for the engine manufacturer and it is attributed

  • Pratt & Miller Defense joins Raytheon and Rheinmetall Defence for US Army OMFV bid

    Raytheon and Rheinmetall Defence are teaming up with Pratt & Miller Defense in their bid for the US Army’s M2 Bradley Fighting Vehicle replacement effort. On 13 August, the companies announced their plans to join forces to compete for the service’s Optionally Manned Fighting Vehicle

  • Artemis reduces stake in Cobham ahead of expected Bidco deal

    Artemis Investment Management has reported a change in ownership of defence and aerospace company Cobham while continuing to maintain its support for the planned sale of the UK firm to AI Convoy Bidco. When the announcement was made in July that private equity firm Advent International

  • Buskhe to step down as Saab CEO

    Saab is seeking a new president and CEO following Håkan Buskhe’s decision to step down from the role. Bushke will serve a six-month notice period during which he will continue to lead the Swedish aerospace and defence company, finishing by February 2020. An exact date will be set once a

  • Garden Reach announces profit surge

    Indian naval shipyard Garden Reach Shipbuilders & Engineers Limited (GRSE) posted a fall in revenues but strong growth in profits for the first quarter of fiscal year (FY) 2019–20, the state-owned company announced. GRSE said on 9 August that its revenues during the quarter that ended 30

  • Indian offset portal accelerates defence work

    Senior Indian defence officials have pointed to the success of a new online portal to manage defence offsets. The Defence Offsets Management Portal (DOMP) was recently introduced by the Ministry of Defence’s (MoD’s) Defence Offset Management Wing (DOMW) to improve the administration of

  • Platinum Equity to blend Wesco with Pattonair

    Aerospace supply chain management service provider Wesco Aircraft Holdings is being acquired by a unit of private equity firm Platinum Equity. Both parties expect the USD1.9 billion deal to close later this year, with Wesco being delisted from the New York Stock Exchange. Platinum Equity is

  • Rheinmetall, MBDA to develop laser for German Navy

    Rheinmetall and MBDA Deutschland announced in a press release on 8 August that they would co-operate in the development of a high-energy laser (HEL) for the German Navy. The two companies agreed to build, integrate, and test a laser demonstrator for the German Navy’s K130 corvette. The

  • Ukrspecexport, Baykar pursue collaboration on defence technologies

    Ukrspecexport and Baykar Makina have established a joint venture (JV) to co-operate on the development of precision weapons and aerospace technologies, the National Security and Defense Council of Ukraine (NSDC) announced on 9 August. The JV will mass-produce technologies for the Turkish and

  • Navy leverages gaming tech in new augmented reality training prototype

    Programme officials at the US Navy’s Office of Naval Research (ONR) and Naval Surface Warfare Command (NSWC) are pulling a page from the video game industry, leveraging the advances made in that field in augmented reality (AR) technology and integrating them into near-term solutions for US

  • Russia builds new island helicopter base in Gulf of Finland

    Russian engineers have built a new helicopter base on Moscow's most westerly Baltic island, Gogland, in the Gulf of Finland, TV Zvezda military news and other Russian media quoted the Western Military District (WMD) press service as saying on 7 August. The facility consists of five helipads, a

  • Lockheed Martin engages industry on Australian combat system project

    Lockheed Martin Australia has issued a call for local companies to register interest in participating in its programme to develop the combat system for the Royal Australian Navy’s (RAN’s) fleet of next-generation Attack-class submarines. In documents published on 6 August by the

  • Austal sells stake to Japanese finance group

    Australian shipbuilder Austal has announced that the Mitsubishi UFJ Financial Group (MUFG) – one of Japan’s largest banking institutions – has acquired a substantial stake in the company. Austal said on 9 August that the share sale features 18 million ordinary shares, equal to

  • Australia awards sovereign capability grants

    The Australian government has awarded grants worth AUD12.4 million (USD8.4 million) to small local businesses that are developing or supporting capabilities regarded as “critical” for national defence. The funding – awarded through the government’s Sovereign Industrial

  • South Korean ministries agree to boost SME involvement in defence

    South Korean government ministries have signed an agreement to support greater small-business involvement in defence research and development (R&D) and production activities. The agreement, which was signed on 7 August between the Ministry of National Defense (MND) and the Ministry of SMEs and

  • DroneShield finalises share placement to support expansion

    DroneShield, an Australian company specialising in counter-unmanned aerial vehicle (UAV) technologies, has completed a placement of shares worth AUD9.55 million (USD6.4 million) to support future expansion activities. The company said on 8 August that the placement on the Australian Securities

  • Indonesia considers commodities to fund KFX/IFX involvement

    Indonesia is looking to expand the scope of countertrade it will offer South Korea in exchange for payment for its involvement in the joint project to develop the KFX/IFX fighter aircraft. Indonesian officials confirmed in July that a potential countertrade product in the programme could be the

  • Lockheed Martin details F-16 industrial co-operation with Bulgaria

    Lockheed Martin will partner with the Bulgarian aerospace industry, research institutes, and air force under the industrial co-operation programme agreed as part of the purchase deal for eight F-16 Block 70 fighters approved by the Bulgarian parliament on 30 July. James Robinson, lead for Lockheed

  • New Saudi procurement law comes into force in November

    The government of Saudi Arabia has issued new legal procedures for tenders and procurement procedures in line with its Vision 2030 blueprint for economic transformation. The new Government Tenders & Procurement Law (GTPL) was published on 1 August and is to be applied to all Saudi government

  • Avon broadens protective-equipment capabilities with US acquisition

    Diversified US technology company 3M is to sell its military personal protective-equipment business (including rights to the Ceradyne brand) to UK-headquartered Avon Rubber for at least USD91 million, subject to customary closing conditions and regulatory approvals. The deal is expected to close in

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