Tenix Acquisition
TENIX AEROSPACE, DEFENCE & MARINE DEAL CLOSED; BAE SYSTEMS AUSTRALIA WELCOMES NEWEST EMPLOYEES
Following regulatory approvals, the acquisition agreement between Tenix Aerospace & Defence and Tenix Marine (Tenix Defence) and BAE Systems Australia is now complete. “Day One” celebrations to welcome the newest employees to the Company and provide opportunities to meet with members of the recently announced BAE Systems Australia leadership team are now underway across each location of the Australian operations.
The definitive agreement was originally announced on January 18, 2008, when BAE Systems Australia offered AUD$ A$775 million in cash to the Tenix Corporation. Tenix Defence reported for the twelve month period ended 30 June 2007, sales of A$699 million and this equates to an expected generation of more than AUD$1.2 billion per annum for BAE Systems Australia.
The acquisition clearly underscores BAE Systems’ stated strategy to develop as the premier global defence and aerospace company reflecting its home market growth strategic objective to expand and develop within Australia in through-life support, solutions and services activities. Further to this, BAE Systems continues to strengthen its position as the world’s leading land systems business and is expected to increase its revenue stream by the addition of revenue from several military vehicle projects.
