BAE Systems has announced the acquisition of Australian defence contractor Tenix Defence in a A$775m deal.
The addition of Tenix will more than double BAE’s presence in Australia and will result in annual sales of A$1.2bn, BAE says.
BAE chief executive Mike Turner says the acquisition is consistent with BAE’s strategy to stimulate growth and earning potential in the company’s home markets.
“BAE Systems is continuing to strengthen its position as an important part of the defence industrial base in its six home markets, which includes Australia,” he says.
“This acquisition more than doubles the size of our Australian footprint, making BAE Systems the largest, in-country, through-life capability provider to the Australian Defence Force.”
Tenix comprises four businesses – Tenix Land, Tenix Aerospace, Tenix Electronic Systems and Tenix Marine.
By staff writer