BAE Systems to sell some US assets: report
Britain's BAE Systems, the world's top maker of military equipment, is selling some of its North American commercial aerospace business, The Wall Street Journal reported Saturday.
The auction could yield up to two billion dollars for BAE, the Journal said, citing people familiar with the matter. The units collectively have about 200 million dollars in earnings before interest, taxes, depreciation and amortization.
Among the units said to be put up for sale are one that makes aircraft-engine controls for General Electric Co. and a division that makes hybrid propulsion systems for buses and trucks.
Initial bids were expected to come in as early as next week.
Rival aerospace and industrial component manufacturers such as Rockwell Collins Inc., Woodward Governor Co. or Moog Inc., as well as private-equity firms such as Warburg Pincus, Carlyle Group and transportation-focused shop Greenbriar Equity Group LLC may be interested in some or all of the assets, according to the Journal.
© 2010 AFP