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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  BAE Systems plc    BA.   GB0002634946

BAE SYSTEMS PLC

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BAE : UK and Italian industryto partner on Tempest

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09/11/2019 | 07:12am EDT

Tempest partnership announcement at DSEi.

London, 11 September 2019 - Today at DSEI, leading UK defence companies (BAE Systems, Leonardo UK, Rolls Royce and MBDA UK), together with key Italian Industry players (Leonardo Italy, Elettronica, Avio Aero and MBDA Italy) announced their intent to partner on the Tempest programme by signing a Statement of Intent ('SOI'). This will see the parties work together to define an innovative concept and partnership model which will include knowledge sharing, product definition and technology development for the joint development of future combat air systems.

The signing of the SOI follows a commitment by the UK and Italian governments to work closely together on Combat Air capabilities, including on systems such as Typhoon and F-35, as well as on Tempest, the UK-initiated next-generation combat air system. Both governments confirmed a common desire to maintain strong industrial bases in order to access key capabilities and secure prosperity for both nations. Italy and the UK have a long and successful history working together on international programmes such as Tornado, Typhoon and F-35.

Leading up to the SOI signing, UK and Italian Industry worked together on an initial study to assess the feasibility of a common approach to future Combat Air systems. Many areas of potential collaboration were identified, including where shared industrial enterprises such as Leonardo and MBDA already see close integration between the two nations.

In addition, a joint government feasibility study also concluded that the UK and Italy are natural Combat Air partners, with both Air Forces operating the same mixed fleet of Eurofighter Typhoon and F-35 aircraft. Italian and UK industry share an interest in potential joint activity to meet national and international requirements.

Charles Woodburn, Group Chief Executive Officer, BAE Systems said:

'Our proven record of successful collaboration with Italian industry makes us certain that this partnership between our two nations is a strong fit for Tempest and demonstrates the growing momentum behind this important international endeavour. Today's announcement will expand existing partnerships with MBDA and Leonardo, which are central to our work in unleashing the full potential of Typhoon, as together we develop future combat air technologies to the benefit of both nations.'

Alessandro Profumo Chief Executive Officer, Leonardo, said:

'Today's agreement is an essential next step for this exciting and strategically important programme. As the CEO of Leonardo, I'm confident in this collaboration as each day I see how UK and Italian engineers, working together, achieve incredible things. Our two nations have a long and shared history of success on international programmes and we believe that working together on Tempest will further strengthen each nation's technological, industrial and skills base to ensure prosperity for decades to come.'

Disclaimer

BAE Systems plc published this content on 11 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 September 2019 11:11:11 UTC

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Financials
Sales 2020 20 543 M 26 396 M 26 396 M
Net income 2020 1 184 M 1 521 M 1 521 M
Net Debt 2020 3 448 M 4 430 M 4 430 M
P/E ratio 2020 13,7x
Yield 2020 4,81%
Capitalization 15 838 M 20 118 M 20 350 M
EV / Sales 2020 0,94x
EV / Sales 2021 0,88x
Nbr of Employees 88 400
Free-Float 92,2%
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 609,63 GBX
Last Close Price 492,80 GBX
Spread / Highest target 54,8%
Spread / Average Target 23,7%
Spread / Lowest Target -14,0%
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Managers
NameTitle
Charles Nicolas Woodburn Group Chief Executive Officer & Director
Roger M. Carr Chairman
Brad Greve Group Finance Director & Director
Steve N. Millward Chief Information Officer
Benjamin Hudson Chief Technology Officer
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