Defense Manufacturer BAE Systems Announces Strong Numbers for 2008

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Researched by Industrial Info Resources (Sugar Land, Texas)--BAE Systems plc (OTC:BAESY) (London, England) announced strong performance numbers for 2008 across all major sectors of its business in a press release published February 19. The defense equipment provider, which produces air-, sea- and land-based security systems at major operations on five continents, reported 18% sales growth from 2007.

Highlights of the report include headline sales of $26.63 billion compared to $22.59 billion in 2007. Underlying earnings per share increased 23.3%, while dividends increased 13.3%. Ian King, Chief Operating Officer of BAE Systems, commented, "We have a well balanced global business with a large order book, good forward visibility and a strong balance sheet. We have a clear long-term strategy to develop the Group in the defense, security and aerospace sectors." Currently, BAE Systems ranks as the world's third-largest defense company and employees 105,000 people.

The positive 2008 performance was influenced by strong U.S. demand for defense products, specifically armored vehicles, as well as several acquisitions. BAE Systems acquired both U.S.-based MTC Technologies (Dayton, Ohio) and Australian-based Tenix Defence in June of 2008. Acquisition of Detica (Guilford, England) in September 2008 furthered BAE System's objective to capture the national security market sector.

Industrial Info Resources is currently tracking 10 BAE Systems plants in our North American Plant Database and detailed three projects with a combined investment value of $72 million that completed construction in 2008. Industrial Info is currently monitoring the construction of a grassroot ammunition and defense components manufacturing plant in Elgin, Oklahoma. Construction of the $20 million, 150,000-square-foot plant began in July 2008 and is expected to be completed later this year. Information on this and other projects in the Industrial Manufacturing Industry and other industrial sectors can be found in our North American Industrial Database.

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