• Military Menu                       

• Introduction
• Systems
• Facilities
• Agencies
• Industry
• Operations
• Countries
• Hot Documents
• News
• Reports
• Policy
• Budget
• Congress
• Links

• WMD
• Intelligence
• Homeland Security
• Space

BAE SYSTEMS And Rheinmetall Agree Restructuring Of STN Atlas Joint Venture

07 Aug 2003

BAE Systems and Rheinmetall DeTec have agreed to restructure STN Atlas, in which they hold 49% and 51% respectively, by splitting this joint venture into two wholly-owned companies, ATLAS ELEKTRONIK GmbH (ATLAS) and Rheinmetall Defence Electronics GmbH (RDE).

STN Atlas principally comprises naval systems, land systems, air systems and production activities. ATLAS, a wholly-owned BAE Systems subsidiary, will acquire the naval systems business based in Bremen and Hamburg, together with the production activities. RDE, which will become a wholly-owned Rheinmetall subsidiary, will own the land and air businesses based in Bremen.

The jointly owned STN Atlas company generated profit before interest of 35m on sales of 573m in 2002. The business activities that on completion will be owned by ATLAS had pro forma profit before interest of 22m on sales of 250m in 2002.

Regulatory approvals for this transaction have been obtained and completion is expected to take place before the end of August. Shortly after completion, STN Atlas GmbH will change its name to Rheinmetall Defence Electronics GmbH.

Stephen Henwood, BAE Systems Group Managing Director International Partnerships, said, This transaction allows both partners to pursue their own strategic objectives. For BAE Systems, ATLAS ELEKTRONIK is an excellent naval systems business, with clear operational leadership, whose capabilities will be developed with the rest of the company, while providing access to new markets.

About BAE SYSTEMS:

BAE Systems is 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 has 100,000 people and generates annual sales of approximately 12 billion through its wholly-owned and joint venture operations.

BAE Systems, innovating for a safer world.