Merger in store for French, German defense companies

Merger in store for French, German defense companies
by Richard Tomkins
Versailles, France (UPI) Jul 2, 2013

Congress notified of possible missile sale to Britain
Washington (UPI) Jul 2, 2013 - The U.S. Congress has been notified by the Defense Security Cooperation Agency of a possible sale of Tomahawk Block IV torpedo launched missiles to the United Kingdom.

The Foreign Military Sales deal, which has received U.S. State Department approval, is worth an estimated $140 million.

"The UK needs these missiles to replenish those expended in support of coalition operations," the agency said in its required notification to Congress. "The proposed sale will enhance the UK's ability to engage in coalition operations along with the U.S. Navy."

The proposed sale would be a package deal, comprised of as many as 65 missiles and containers, engineering support, test equipment, operational flight test support, communications equipment, technical assistance, personnel training/equipment, and spare and repair parts.

Raytheon Missile Systems would be the principal contractor, the agency said. No government or contractor representatives would need to travel to Britain as a result of the deal.

Two major European Defense enterprises are merging their businesses as early as next year through a joint holding company.

The merger deal is between Germany's Krauss-Maffei Wegmann and Nexter Systems of France, providers of land defense systems.

"The alliance of KMW and Nexter creates a group with the momentum and innovative force required to succeed and prosper in international competition," the companies said in a joint statement. "In addition, it offers to its European and NATO customers the opportunity of increased standardization and interoperability for their defense equipment, with a dependable industrial base."

KMW is owned by Wegmann GmbH. Nexter S. A. is in the sole ownership of the French State holding company GIAT Industries.

The merger agreement was signed on Tuesday and is subject to regulatory approvals.

The companies said owners of the two companies will each receive 50 percent of the shares of the new holding company, whose name was not disclosed.

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