STORY CONTINUES BELOW THESE SALTWIRE VIDEOSLONDON - Britain's BAE Systems said its $5.5 billion purchase of Ball Corp's aerospace business would help it meet the soaring demand for munitions seen since the invasion of Ukraine, underscoring the impact the war has had on the sector.
BAE, which produces everything from infantry fighting vehicles to missiles and launchers, said earlier this month that global uncertainty had driven its military equipment orders to a record level. Elaborating on the rationale for the deal, seen by analysts as expensive, BAE CEO Charles Woodburn told reporters that the ongoing conflict in Europe had highlighted the significance of space assets for situational awareness and intelligence, surveillance and reconnaissance capabilities.
"We see space as becoming an increasingly important domain of future warfare. This acquisition really accelerates our position into one of the fastest growing areas of defence spending," he added.The deal announced on Thursday, is the company's largest to date and could mark the beginning of a consolidation in the defence sector as companies seek out strategic fits to meet changing requirements due to the war, with demand for cheaper items such as drones on the rise.
Source: News Formal (newsformal.com)
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