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BAE SYSTEMS Agrees To Sell Acoustics Systems Facility

25 Sep 2003

ROCKVILLE, Md. -- BAE Systems North America and Ultra Electronics Holdings plc (Ultra) today announced they have reached a definitive agreement under which Ultra will acquire BAE Systems Ocean Systems business.

Ocean Systems, located in Braintree, Massachusetts, has 80 employees and produces special purpose acoustic and RF devices and systems for submarines, surface ships and acoustic test ranges. Ocean Systems also operates an open water test site to conduct acoustic research and production testing.

Closing of the sales agreement, negotiated at $10 million in cash, is expected to occur within 45 days, subject to completion of regulatory reviews and approvals.

Jeff Markel, president of BAE Systems Communication, Navigation, Identification and Reconnaissance business unit, said the sale was made because the focus and strategy of BAE Systems North America is moving from component provider to systems integration.

"Ocean Systems has a proven tradition of excellence in providing quality high performance acoustic solutions for the military and civilian community. We're confident the business and the talented workforce will be a good fit with Ultra," he added.

Ocean Systems has provided ship self-defense systems and services for more than 40 years.

About BAE SYSTEMS:

BAE Systems is an international company engaged in the development, delivery, and support of advanced defense 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 defense 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.

BAE Systems North America is a high-technology U.S. company employing more than 25,000 people who live and work in some 30 states, the District of Columbia, and the United Kingdom. The company is dedicated to solving its customers' needs with highly innovative and leading edge solutions across the defense electronics, systems, information technology, and services arenas.

BAE Systems, innovating for a safer world.
About Ultra Electronics:

Ultra Electronics, headquartered in Greenford, Middlesex, UK, is a group of specialist businesses designing, manufacturing and supporting electronic and electromechanical systems, sub-systems and products for aircraft, ships, submarines, armored vehicles, airport s and transport systems worldwide. The Group, which employs 2,600 people in the UK and North America, focuses on high integrity sensing, control, communication and display systems with an emphasis on integrated Information Technology solutions.