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Since its 1999 formation, BAE Systems has made a number of acquisitions, most notably of United Defense and Armor Holdings of the United States, and has sold its shares in Airbus, Astrium, AMS and Atlas Elektronik. It is involved in several major defence projects, including the Lockheed Martin F-35 Lightning II, the Eurofighter Typhoon, the Astute-class submarine, and the Queen Elizabeth-class aircraft carriers. BAE is listed on the London Stock Exchange''s FTSE 100 Index.
British Aerospace was a civil and military aircraft manufacturer, as well as a provider of military land systems. The company had emerged from the massive consolidation of UK aircraft manufacturers since World War II. British Aerospace was formed on 29 April 1977, by the nationalisation and merger of the British Aircraft Corporation (BAC), the Hawker Siddeley Group and Scottish Aviation.[14] Both BAC and Hawker Siddeley were themselves the result of various mergers and acquisitions.[15]
The 1997 merger of American corporations Boeing and McDonnell Douglas, which followed the formation in 1995 of Lockheed Martin, the world''s largest defence contractor, increased the pressure on European defence companies to consolidate. In June 1997, British Aerospace Defence managing director John Weston commented "Europe ... is supporting three times the number of contractors on less than half the budget of the U.S."[23] European governments wished to see the merger of their defence manufacturers into a single entity, a "European Aerospace and Defence Company".[24]
Seventeen undertakings were given by BAE Systems to the Department of Trade and Industry which prevented a reference of the merger to the Monopolies and Mergers Commission. These were largely to ensure that the integrated company would tender sub-contracts to external companies on an equal basis with its subsidiaries. Another condition was the "firewalling" of former British Aerospace and MES teams on defence projects such as the Joint Strike Fighter (JSF). In 2007 the government announced that it had agreed to release BAE Systems from ten of the undertakings due to "a change in circumstances".[35]
BAE Systems inherited the UK government-owned "golden" share that was established when British Aerospace was privatised. This unique share prevents amendments of certain parts of the company''s Articles of Association without the permission of the Secretary of State.[14] These Articles require that no foreign person or persons acting together may hold more than 15% of the company''s shares.[36]
In May 2004, it was reported that the company was considering selling its shipbuilding divisions, BAE Systems Naval Ships and BAE Systems Submarines. It was understood that General Dynamics wished to acquire the submarine building facilities at Barrow-in-Furness, while VT Group was said to be interested in the remaining yards on the Clyde.[55] Instead, in 2008 BAE Systems merged its Surface Fleet arm with the shipbuilding operations of VT Group to form BVT Surface Fleet, an aim central to the British Government''s Defence Industrial Strategy.[56][57]
In December 2005, BAE Systems announced the sale of its German naval systems subsidiary, Atlas Elektronik, to ThyssenKrupp and EADS. The Financial Times described the sale as "cut price" because French company Thales bid €300 million, but was blocked from purchasing Atlas by the German government on national security grounds.[61] On 31 January 2006 the company announced the sale of BAE Systems Aerostructures to Spirit AeroSystems, Inc.,[62] having said as early as 2002 that it wished to dispose of what it did not regard as a "core business".[63]
BAE Systems inherited British Aerospace''s share of Airbus Industrie, which consisted of two factories at Broughton and Filton. These facilities manufactured wings for the Airbus family of aircraft. In 2001 Airbus was incorporated as Airbus SAS, a joint stock company. In return for a 20% share in the new company BAE Systems transferred ownership of its Airbus plants (known as Airbus UK) to the new company.[77]
In February 2010 BAE Systems announced a £592 million writedown of the former Armor Holdings business following the loss of the Family of Medium Tactical Vehicles contract in 2009.[83] It was outbid by Oshkosh Corporation for the £2.3 billion ($3.7 billion) contract.[84] Land and Armaments had been the "star performer" of BAE Systems'' subsidiaries, growing from sales of £482 million in 2004 to £6.7 billion in 2009.[85][86][87]
BAE Systems inherited British Aerospace''s 35% share of Saab AB, with which it produced and marketed the Gripen fighter aircraft. In 2005 it reduced this share to 20.5% and in March 2010 announced its intention to sell the remainder. The Times stated that the decision brought "to an end its controversial relationship with the Gripen fighter aircraft".[88] Several of the export campaigns for the aircraft were subject to allegations of bribery and corruption.[88]
BAE Systems sold the regional aircraft leasing and asset management arm of its Regional Aircraft business in May 2011. This unit leases the BAe 146/Avro RJ family, BAe ATP, Jetstream and BAe 748. The company retained the support and engineering activities of the business.[93] In September 2011, BAE Systems began consultation with unions and workers over plans to cut nearly 3,000 jobs, mostly in the company''s military aircraft division.[94]
In its 2012 half-year report, the company revealed a 10% decline in revenue in the six months up to 30 June due to falling demand for armaments.[95] In May 2012 the governments of the UK and Saudi Arabia reached an agreement on an arms package which saw a £1.6 billion contract awarded to BAE for the delivery of 55 Pilatus PC-21 and 22 BAE Systems Hawk aircraft.[96] The Sultanate of Oman ordered Typhoon and Hawk aircraft worth £2.5 billion in December 2012.[97]
In September 2012, it was reported that BAE Systems and EADS had entered merger talks which would have seen BAE shareholders own 40% of the resulting organisation.[98][99] On 10 October 2012, the companies said the merger talks had been called off.[100] The Guardian reported that this was due to the German Government''s concern about the "potential size of the French shareholding in the combined company, as well as disagreements over the location of the group''s headquarters".[101]
In November 2013, BAE Systems announced that shipbuilding would cease in Portsmouth in 2014 with the loss of 940 jobs, and a further 835 jobs would be lost at Filton, near Bristol, and at the shipyards in Govan, Rosyth, and Scotstoun in Scotland.[102] On 9 October 2014, the company announced the loss of 440 management jobs across the country, with 286 of the job cuts in Lancashire.[103][104]
In July 2014 it announced the acquisition of US intelligence company Signal Innovations Group Inc. to augment imagery and data analysis technologies in its Intelligence & Security business.[105] In August 2014, BAE was awarded a £248 million contract from the British government to build three new offshore patrol vessels.[106] In October 2014, BAE Systems won a £600 million contract from the MoD to maintain Portsmouth naval base for five years.[107] During 2014 BAE Systems acquired US-based cybersecurity firm Silversky for $232.5 million.[108]
During Prime Minister Theresa May''s visit to Turkey in January 2017, BAE and TAI officials signed an agreement, worth about £100 million, for BAE to provide assistance in developing the TAI TF Kaan aircraft.[109] On 10 October 2017, BAE announced that it would lay off nearly 2,000 out of its approximately 35,000 employees in Britain, mainly due to an order shortage for the Typhoon fighter.[6]
In 2019 BAE Systems sold a 55% share of its UK land business to Rheinmetall. The resultant joint venture (JV), Rheinmetall BAE Systems Land (RBSL), was established in July 2019 following regulatory approval and is headquartered at the existing facility in Telford, Shropshire.[110]
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