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BAE SYSTEMS To Purchase STI Government Systems

05 Apr 2004

BAE Systems North America today announced it has reached a definitive agreement with STI Industries, Inc. (STI), to purchase the assets of STI Government Systems for $27 million in cash. STI Government Systems employs 125 people and is headquartered in Honolulu, Hawaii.

STI Government Systems scientists and engineers are well respected throughout government and industry for their innovative technology solutions, said Galen Ho, president of BAE Systems North Americas Information and Electronic Systems Integration Sector. They bring great talent for transforming concepts into solutions and technology. Their capabilities particularly in hyperspectral imaging and sensor fusion will be important elements in support of our Communications, Intelligence, Surveillance and Reconnaissance arena.

STI Government Systems is a leader in developing innovative solutions for U.S. government customers with its expertise in photonics, information technologies and system integration. Currently, STI Government Systems supports the U.S. Navy in defence applications of its technologies and also provides a variety of services to other government agencies in areas such as pollution mapping and search and rescue.

The acquisition of STI Government Systems is consistent with the BAE Systems strategy of acquiring capabilities and technologies that enhance the Companys leadership in key areas.

Were excited that STI Government Systems is joining BAE Systems, said Ho. Our two companies have common values and similar histories of innovation and commitment to national security. Together we will be able to provide our customers with more innovative solutions to meet demanding defence and security requirements, particularly in detection of submarines, mines, and other objects in the water as well as terrestrial object identification and surveillance.

BAE Systems North America is a leading defence electronics, information systems and technology services company, and one of the largest providers of systems and services for the U.S. Department of Defense. BAE Systems North America employs more than 25,000 people across some 30 states and at sites in the U.K., generating sales of nearly $5 billion. The company designs, develops, manufactures and supports a wide range of advanced aerospace products and intelligent electronic systems for the U.S. Government and commercial customers.

Closing of the transaction is expected to occur within 45 days and is subject to completion of regulatory reviews and approvals.

About BAE SYSTEMS

BAE Systems an international company engaged in the development, delivery, and support of advanced defence and aerospace systems in the air, on land, at sea, and in space. The company designs, manufactures, and supports military aircraft, surface ships, submarines, radar, avionics, communications, electronics, and guided weapon systems. It is a pioneer in technology with a heritage stretching back hundreds of years. It is at the forefront of innovation, working to develop the next generation of intelligent defence systems.

BAE Systems has major operations across five continents and customers in some 130 countries. The company employs more than 90,000 people and generates annual sales of approximately 12 billion through its wholly owned and joint-venture operations.