Skip navigation

Gloucestershire Business News

BAE Systems to buy US firm

UK defence contractor BAE Systems has signed a multi-billion dollar deal to buy Ball Aerospace for £4.4 billion.

BAE, which has a base in Gloucester, said it would buy Ball Aerospace from the Ball Corporation, gaining it more than 5,200 new employees and a Colorado headquarters.

Ball Aerospace supplies parts to the James Webb telescope and the US's fighter jets.

Commenting on today's announcement, Charles Woodburn, chief executive of BAE Systems, said: "The proposed acquisition of Ball Aerospace is a unique opportunity to add a high quality, fast growing technology focused business with significant capabilities to our core business that is performing strongly and well positioned for sustained growth.

"It's rare that a business of this quality, scale and complementary capabilities, with strong growth prospects and a close fit to our strategy, becomes available.

"The strategic and financial rationale is compelling, as we continue to focus on areas of high priority defence and Intelligence spending, strengthening our world class multi-domain portfolio and enhancing our value compounding model of top line growth, margin expansion and high cash generation.

"We couldn't be more pleased to have reached this agreement and we look forward to welcoming the employees of Ball Aerospace to BAE Systems as we work together to support our customers and create value for shareholders."

Related Articles

Gloucester leader

Gloucester leader "concerned" over £1.14m gap in commercial property income

He said the portfolio needs to work harder to pull its finances out of the woods

EXCLUSIVE:

EXCLUSIVE: "Persimmon road closure is killing our business"

Customers and suppliers sent round in circles, says company boss.

BREAKING: global software error in USA hits Gloucestershire business Image

BREAKING: global software error in USA hits Gloucestershire business

Windows wipeout triggers chaos amid "massive" failure.

Annual quiz raises £2,000 for two charities Image

Annual quiz raises £2,000 for two charities

Quiz buffs helped raise a fabulous £2,000 for two Gloucestershire charities at an annual event last night (Thursday).

Copyright 2024 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.