EADS' Eurocopter to buy Vector Aerospace

28th March 2011, Comments 0 comments

The helicopter unit of the European Aeronautic Defence & Space group (EADS) announced Monday that it has entered an agreement to buy all the outstanding shares of Canada's Vector Aerospace Corp.

"It's the most significant acquisition for EADS since its creation in 2000, and complements Eurocopter's activities very well, developing the unit's services," Chief Executive Louis Gallois said in a telephone interview with Dow Jones Newswires.

The deal, at 13 Canadian dollars per share, values the company at 625 million Canadian dollars ($638 million, 460 million euros).

Vector, which specialises in helicopter maintenance, has a substantial presence in North America, Britain and South Africa.

EADS, Europe's biggest aerospace firm this month reported a net profit of 553 million euros ($740 million) in 2010, against a loss of 763 million in 2009.

Airbus is EADS' principal business, alongside helicopter manufacturer Eurocopter and defence and security systems builder Cassidian.

© 2011 AFP

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