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ROCKVILLE, Md., 30 April 2007. BAE Systems has signed a definitive agreement to sell its Inertial Products business to J.F. Lehman & Co.
The Inertial Products business supplies military and commercial customers inertial sensors and measurement units for the control, navigation, and guidance of fixed- and rotary-winged aircraft, precision weapon systems, missiles, unmanned aerial vehicles, aerial targets, and drones, tanks, and fighting vehicles.
It has approximately 810 employees at sites in Cheshire, Connecticut; Heath, Ohio; Wayne, N.J.; and Plymouth, U.K. The sale also includes BAE Systems' share of Silicon Sensing Systems, a joint venture between BAE Systems and Sumitomo Precision Products that is based in the U.K. and Japan.
The transaction, for consideration of $140 million cash subject to customary post-closing adjustments, is expected to occur within 60 days following receipt of regulatory approvals.
The sale is consistent with BAE Systems' strategy to expand as a developer and integrator of systems and de-emphasize its role as a components provider.
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