Market Sectors

block 10

<p>1</p>

Military | Force Protection

Locust USA, Inc Signs $19 Million Technology Investment Agreement With The U.S. Army

MIAMI, Feb. 21, 2018 /PRNewswire/ -- Locust USA, Inc, through its wholly-owned subsidiary UAV Turbines, Inc. ("UAVT"), a developer of advanced heavy-fuel microturbine propulsion systems, announced that it has entered into a $19 million Technology Investment Agreement ("TIA") with the U.S. Army to collaborate in development of an efficient and reliable/durable small turboprop gas turbine engine for propulsion in the unmanned aerial vehicle (UAV) arena.

The development goals encompass engine capabilities beneficial to both military and commercial markets. This initiative is part of the Army's "Reliable Advanced Small Power Systems (RASPS) Technology Demonstration" program whose overall objective is to design, manufacture and test a 200 shp class advanced technology engine to technical readiness level (TRL) 6.

"As the demand for UAV missions increases, a reliable heavy-fuel propulsion system that also produces sufficient electrical power is the key to a successful program," said Dan Mikkelson, UAVT's Chief Design Engineer. "This effort is a potential solution to providing this vital capability with significant advantages over the presently available systems."

The fundamental technology for development of the more advanced 200 shp class turbine engine that RASPS will develop over the next 5 years has been demonstrated in UAVT's UTP50R propulsion system, a 50 hp class turbine engine with a recuperator, high-speed gearbox, variable-pitch propeller, and Full Authority Digital Engine Control (FADEC).

Mikkelson further noted that "the planned advanced technology RASPS engine demonstrator system will increase power to the 200 shp class (with 5 kW or more of electric power) and provide even further advances in performance over the UTP50R in a high reliability, long life engine system.  The RASPS program is targeting performance goals that include higher power-to-weight ratio and lower Brake Specific Fuel Consumption (BSFC), using advanced concepts, materials, and system optimization.  A special focus will be on technology that greatly improves reliability over conventional engine systems."

"We're honored to have been selected to participate with the Army in the effort to create more effective UAV propulsion systems," stated Kirk M. Warshaw, CEO of UAVT. "We share the Army's recognition that the propulsion system is the key enabling technology for future UAV's and the foundation on which other technologies will depend."

"This RASPS development project will demonstrate clear advantages in our technology for military as well as commercial and industrial customers," commented Fred Frigerio, UAVT's Senior VP.  "It is a unique and very challenging technology to develop, but given our successful 10 hp and 50 hp turbine systems, we are confident that we can meet the Army's goals.  We look forward to collaborating with our counterparts at AMRDEC's ADD on a regular basis to ensure that we end up with the best possible solution in the shortest time-frame."

About UAVT
UAVT is a privately owned, Florida based company focused on the research, design, and development of microturbines for use in UAV propulsion systems and portable ground power applications.  Through its parent company Locust USA, founded in 2000, UAVT has been tasked with designing and developing small, quiet, lightweight, fuel efficient turbines that run on heavy fuels.

See: http://www.uavturbines.com.

ABOUT AMRDEC  
U.S. Army Aviation and Missile Research, Development, and Engineering Center provides increased responsiveness to the nation's Warfighter through aviation and missile capabilities and life cycle engineering solutions.

AMRDEC has the mission to develop technology and engineering solutions for America's Soldiers. AMRDEC employs nearly 10,000 civilian scientists, researchers, and engineers.

The views and conclusions contained in this document are those of the authors and should not be interpreted as representing the official policies, either expressed or implied, of the Aviation Development Directorate, Aviation Applied Technology Directorate or the U.S. Government.

Contact:
Nels Winkless
561-935-3078
[email protected]

SOURCE UAV Turbines, Inc

Global Submarine Sensor Market: Advancements in Acoustic and Electromagnetic Sensor Technologies to Spell Growth for Market, Says TMR

The vendor landscape of the global submarine sensors market is intensely competitive and features the presence of several prominent vendors. So as to sustain in the highly competitive market, companies are focused on the development of advanced, high-quality, and economical products. Investments aimed at geographical expansion, improving R&D and distribution networks across lucrative regional markets, and strategic partnerships with leading submarine manufacturers are also some of the key growth strategies adopted by vendors operating in the global submarine sensors market.

Some of the leading companies operating in the global submarine sensors market are Atlas Elektronik, Safran Electronics & Defense, Harris, DRS Technologies, Lockheed Martin, L3 KEO, Northrop Grumman, Ducommun, and Raytheon.

According to the report, the global submarine sensor market is expected to expand at a CAGR of 3.6% over the period between 2017 and 2025, rising from a valuation of US$230.48 mn in 2016 to US$315.17 mn by 2025.

Get PDF Brochure for more Professional & Technical industry insights: https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=20087

Acoustic Sensors to Witness More Preference and Increased Demand 

Of the key varieties of sensor used in submarines, including sonar, acoustic, electromagnetic, and fiber optic, the segment of acoustic sensors contributed the dominant share in global revenue in 2016. The segment is also anticipated to expand at a promising growth rate during the report's forecast period, thanks to their ability to detect threatening submarines operating below periscope depth.

Geographically, the market for submarine sensors in North America held the dominant share in the global market in 2016 and is expected to expand at a prominent pace during the forecast period as well. North America and Europetogether accounted for over 49% of the overall and remain the trendsetters by contributing through innovative products owing to the presence of prominent market players in these regions.

Request For Custom Research: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=20087

Increased Deployment of Attack Submarines in Naval Sector to Drive Market 

Fueled primarily due to the rising deployment of attack submarines by naval agencies across the globe and the recent advancements in the acoustic sensor technology, the global submarine sensor market has expanded at a noteworthy pace in the past few years. With recent advancements in acoustic sensor technology, there has been a significant growth in acoustic sensors for submarine applications. Acoustic wave sensors are so named because their detection mechanism is a mechanical, or acoustic wave.

Moreover, the increased usage of sonar and acoustic sensors in submarines so as to enhance their detection capabilities is also helping the market gain momentum, particularly in developing geographies such as Asia Pacific. However, factors such as the low availability of skilled laborers and high capital investments required to undertake research and development activities are anticipated to hinder the growth of submarine sensor market to a certain extent during the forecast period. Nevertheless, continued and sustained investments in advanced undersea warfare technologies, capabilities, and capacity are projected to spur the growth of submarine sensor market in the coming years.

This review of the global submarine sensor market is based on a recent market research report by Transparency Market Research, titled "Submarine Sensor Market (Sensor Type - Sonar Sensor and Acoustic Sensor; Submarine Type - Nuclear-Powered Attack submarine (SSN), Ballistic Missile Submarines (SSBN), and Diesel Electric Submarine (SSK); Application - Marine Environmental Monitoring, Underwater Species Protection, Detection of Oil Resources, and Underwater Communication) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025."

Key Takeaways:

  • Submarines have grown to be an integral part of the defense sector in the recent years
  • North America and Europe together account for nearly half of the market

 

Purchase this Premium Research Report at https://www.transparencymarketresearch.com/checkout.php?rep_id=20087&ltype=S

For the study, the market has been segmented as follows:

Submarine Sensor Market, by Sensor Type 

  • Sonar
  • Acoustic
  • Fiber Optic
  • Electromagnetic

 

Submarine Sensor Market, by Submarine Type 

  • Nuclear-Powered Attack submarine (SSN)
  • Ballistic Missile Submarines (SSBN)
  • Diesel Electric Submarine (SSK)

 

Submarine Sensor Market, by Application 

  • Marine Environmental Monitoring
  • Underwater species protection
  • Detection of Oil Resources
  • Underwater Communication
  • Underwater Communication
  • Others

 

Popular Research Reports by TMR: 

 

About Us 

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

Raytheon overhauling Royal Canadian Navy Phalanx Close-In Weapon System

CALGARY, Alberta, Feb. 20, 2018 -- Raytheon Canada Limited is overhauling and providing in-service support for the Phalanx Close-In Weapon Systems operated by the Royal Canadian Navy.   

Raytheon (NYSE: RTN) produces Phalanx, a rapid-fire, computer-controlled radar and 20mm gun system that automatically acquires, tracks and destroys enemy threats that have penetrated other ship defense systems. More than 890 systems have been built for navies around the world.

"The Phalanx CIWS is an integral element of the Canadian Navy's defence," said Terry Manion, RCL vice-president and general manager. "This contract supports modernization work that will keep these systems ready and relevant well into the future."

Under the $330 (CAD) million contract by Public Services and Procurement Canada, RCL, working with Raytheon Intelligence, Information and Services, will provide maintenance, fleet technical support, repair and overhaul services on the Phalanx mounts which will ensure the systems are ready to address current and emerging threats.

"Raytheon is a world leader in platform sustainment and modernization," said Todd Probert, RCL board member and vice president of Mission Support and Modernization at Raytheon Intelligence, Information and Services. "We will continue to provide the technologies, systems and expertise the Royal Canadian Navy needs to stay ahead of rapidly evolving threats."

Work under the contract, which was signed November 2017, will be conducted in Raytheon Canada Limited's Calgaryfacilities. RCL has supported a broad range of Canadian defense and technology programs for nearly 25 years.

About Raytheon Canada Limited

Raytheon Canada Limited (RCL) is a subsidiary of Raytheon Company. RCL is a leader in high technology solutions, engineering services, surveillance and navigation systems including air traffic control radars, highway traffic management systems, maritime surveillance radars and weapon systems, and precision optics.

About Raytheon

Raytheon Company, with 2017 sales of $25 billion and 64,000 employees, is a technology and innovation leader specializing in defense, civil government and cybersecurity solutions. With a history of innovation spanning 96 years, Raytheon provides state-of-the-art electronics, mission systems integration, C5I products and services, sensing, effects, and mission support for customers in more than 80 countries. Raytheon is headquartered in Waltham, Mass. Follow us on Twitter.

Media Contact
Raytheon
Chris Johnson
571-250-3418
[email protected]

SOURCE Raytheon

Lockheed Martin Launches Unmanned Vehicle Control Software that Can Simultaneously Control Multiple UAV Types, Operating Anywhere on Earth

CALGARY, Alberta, Feb. 20, 2018 -- Lockheed Martin (NYSE: LMT) software has been simultaneously flying, on average, at least six unmanned aircraft during every hour of the last 25 years, completing missions as diverse as reconnaisance, inspection, mapping and targeting. Today, Lockheed Martin is launching VCSi, a new vehicle control software, as the culmination of more than two decades of experience and 1.5 million hours of operational use.

Lockheed Martin will unveil VCSi – commercial software that enables operators to simultaneously control dozens of unmanned vehicles and conduct information, surveillance and reconaissance missions – during the Unmanned Systems Exhibition and Conference in Abu Dhabi this month.

"VCSi is a safe and reliable software platform that can be adapted to any vehicle – from one you can hold in your hand, to a 50,000-pound machine; from a vehicle that flies for a few minutes, to a vehicle that flies for months at a time," said John Molberg, business development manager, Lockheed Martin CDL Systems. "The user can integrate as many vehicles as required to complete their missions, including boats, quadcopters, fixed-wing aircraft or even high-altitude pseudo satellites. Across commercial or military missions, VCSi is adaptable to the challenge and further extends the power of the human-machine team."

VCSi's major enhancements include:

  • Multi-Vehicle: Control interfaces to allow for true 1:n control of dissimilar vehicles anywhere on earth
  • Intuitive: Lockheed Martin further advanced its fly-by-mouse interface to enable easier training and reduce operator/analyst task loads
  • Affordable: Priced competitively with all unmanned systems in mind, customers can buy essential modules for their mission set
  • Modular: Offers a robust plug-in architecture, which allows for custom content to be added by the user or selected from pre-existing modules
  • International: Commercial software, made in Canada and free of export restrictions

VCSi is designed around the NATO Standardization Agreement known as STANAG 4586, which supports unmanned vehicle interoperability. Customers can build attachments or plug-ins beyond 4586 to customize the VCSi software, which also supports multiple languages and non-Latin scripts. VCSi provides advanced 3D visualization of vehicles and airspace, and it is at the forefront of integration into unmanned traffic management systems. 

This year marks the 25th anniversary of the VCS unmanned control product family, which has accumulated more than 1.5 million flight hours by operators controlling 40 different vehicles across several dozen companies.

Lockheed Martin has five decades of experience in unmanned and autonomous systems for air, land and sea. From the depths of the ocean to the rarified air of the stratosphere, Lockheed Martin's unmanned systems help militaries, civil and commercial customers accomplish their most difficult challenges.

For additional information, visit our websites: https://www.lockheedmartin.com/us/products/cdl-systems/VCSi.html and www.lockheedmartin.com/unmanned

About Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 100,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.

SOURCE Lockheed Martin

Related Links

http://www.lockheedmartin.com

Mercury Systems Receives $2.0M Order for Tactical EO/IR Subsystem

Enterprise Architecture Solution Designed to Meet the Needs of Multiple Defense Programs

 

ANDOVER, Mass. -- Mercury Systems, Inc. (NASDAQ:MRCY) (www.mrcy.com) announced it has received an initial $2.0 million order for an Electro-Optic/Infra-Red (EO/IR) image processing subsystem from a major defense prime contractor. The subsystem is an enterprise architecture solution designed to apply to multiple programs and missions. The order was booked in the Company's fiscal 2018 second quarter and is expected to be shipped over the next several quarters.

The image processing subsystem with BuiltSECURE technology includes numerous modules for GPU-based image processing, I/O, system management, power, and interconnect pre-integrated with a backplane and chassis. The open system architecture uses an advanced cooling technology to allow the subsystem to operate in extreme conditions of temperature, altitude, and vibration while providing the highest level of floating point performance delivered in a tactical environment.

"Mercury worked closely with our customer as an extension of their engineering team," said Joe Plunkett, General Manager of Mercury's Sensor Processing group. "Together we designed an EO/IR solution that is scalable and tailorable for a variety of airborne platforms and mission profiles."

For more information on Mercury solutions for EO/IR applications, visit www.mrcy.com/EOIR or contact Mercury at (866) 627-6951 or [email protected].

Mercury Systems – Innovation That Matters

Mercury Systems (NASDAQ:MRCY) is a leading commercial provider of secure sensor and safety-critical processing subsystems. Optimized for customer and mission success, Mercury's solutions power a wide variety of critical defense and intelligence programs. Headquartered in Andover, Mass., Mercury is pioneering a next-generation defense electronics business model specifically designed to meet the industry's current and emerging technology needs. To learn more, visit www.mrcy.com.

Forward-Looking Safe Harbor Statement

This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to fiscal 2018 business performance and beyond and the Company's plans for growth and improvement in profitability and cash flow. You can identify these statements by the use of the words "may," "will," "could," "should," "would," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," "likely," "forecast," "probable," "potential," and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, continued funding of defense programs, the timing and amounts of such funding, general economic and business conditions, including unforeseen weakness in the Company's markets, effects of any U.S. Federal government shutdown or extended continuing resolution, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, changes in, or in the U.S. Government's interpretation of, federal export control or procurement rules and regulations, market acceptance of the Company's products, shortages in components, production delays due to performance quality issues with outsourced components, inability to fully realize the expected benefits from acquisitions and restructurings, or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, changes to cyber-security regulations and requirements, changes in tax rates or tax regulations, changes to generally accepted accounting principles, difficulties in retaining key employees and customers, unanticipated costs under fixed-price service and system integration engagements, and various other factors beyond our control. These risks and uncertainties also include such additional risk factors as are discussed in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2017. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

Northrop Grumman is looking for participants to create and test swarm-based tactics through their test bed platform

BALTIMORE – The Defense Advanced Research Projects Agency (DARPA) selected Northrop Grumman Corporation (NYSE: NOC) as a Phase 1 Swarm Systems Integrator for the Agency’s OFFensive Swarm-Enabled Tactics (OFFSET) program. As part of the program, Northrop Grumman will launch its first open architecture test bed and is seeking participants to create and test their own swarm-based tactics on the platform. Northrop Grumman is teamed with Intelligent Automation, Inc. (IAI) and the Interactive Computing Experiences Research Cluster, directed by Dr. Joseph LaViola at the University of Central Florida.

 

As part of the DARPA OFFSET program, Northrop Grumman serves as a swarm systems integrator, tasked with designing, developing and deploying a swarm-system, open-based architecture for swarm technologies in both a game-based environment and physical test bed. The team has been tasked to produce tactics and technologies to test on the architecture and is responsible for engaging a wider development and user audience through rapid technology-development exercises known as “swarm sprints.”

Approximately every six months, DARPA plans to solicit proposals from potential “sprinters” in one of five thrust areas: swarm tactics, swarm autonomy, human-swarm teaming, virtual environment and physical test bed. Participants from academia, small business and large corporations are invited to join in these swarm sprints. Sprinters will work with the integration team to create and test their own novel swarm tactics within the test bed environment. The end of each sprint will coincide with live physical test experiments with DARPA, the systems integrator team and other sprinters.

To participate in Northrop Grumman’s swarm sprints, visit the Swarm Tactics Exchange Portal at http://www.swarmtex.com.

The goal of the OFFSET program is to provide small-unit infantry forces with small unmanned aircraft systems (UASs) or small unmanned ground systems (UGSs) in swarms of 250 or more robots that support diverse missions in complex urban environments. OFFSET seeks to advance the integration of modern swarm tactics and leverage emerging technologies in swarm autonomy and human-swarm teaming.

“Cognitive autonomy has the potential to transform all defense and security systems. OFFSET will explore a variety of applications in relevant mission scenarios,” said Vern Boyle, vice president, advanced technologies, Northrop Grumman Mission Systems. “We are applying cutting-edge technologies in robotics, robot autonomy, machine learning and swarm control to ultimately enhance our contributions to the warfighter.”

Northrop Grumman is a leading global security company providing innovative systems, products and solutions in autonomous systems, cyber, C4ISR, strike, and logistics and modernization to customers worldwide. Please visit news.northropgrumman.com and follow us on Twitter, @NGCNews, for more information.

Lockheed Martin Announces Orlando Expansion, Hiring Plans

ORLANDO, Fla., Feb. 14, 2018 -- Lockheed Martin (NYSE: LMT) today broke ground on a new, $50 million, 255,000 square foot office facility and announced plans to hire about 1,800 people over the next two years, of which about 500 will be based in Orlando.

Florida
Governor Rick Scott said, "I am proud to announce Lockheed Martin is continuing to invest in Florida by creating 500 new jobs as part of their expansion in Orlando. Lockheed Martin is already a major job creator for our state, and our commitment to cutting taxes and making Florida business-friendly is making it easier for this global business to continue to create thousands of opportunities for Florida families."

Orange County Mayor Teresa Jacobs said, "Today's announcement tells the world that we have a skilled workforce and an economic climate in which high-tech manufacturing and development can succeed. And it tells our local community that we're building an economy with depth, diversification and opportunity."

"With this expansion, Lockheed Martin is further solidifying its already robust presence in Florida and supporting our business growth," said Frank St. John, Lockheed Martin Missiles and Fire Control (MFC) executive vice president. "The Research & Development II building underscores our customer commitments to provide the most modern facilities for our talented workforce to produce critical capabilities for the U.S. and allies for years to come."

Employees working in the new building will support engineering, program management and research and development activities for MFC, which primarily designs, manufactures and supports advanced combat, missile, rocket, manned and unmanned systems for customers including the U.S. Department of Defense, NASA and allied nations.

Employees at Lockheed Martin's MFC site in Orlando lead the aerospace and defense industry in their experience with technologies related to electro-optics, millimeter wave radar, image and signal processing, advanced materials, electronic packaging and large-system integration.

About Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 100,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.

 

SOURCE Lockheed Martin

Related Links

http://www.lockheedmartin.com

Fortem Technologies, Inc., Announces DroneHunter: First Fully Autonomous Counter UAS Solution Using AI-Enabled Radar Technology

SALT LAKE CITY, Feb. 15, 2018 -- Fortem Technologies, Inc., announced today the release of DroneHunter™, the first military-tested unmanned aircraft that provides perimeter intrusion detection and protection by autonomously patrolling an airspace and towing away any rogue drones from the sky. Using AI algorithms, the DroneHunter system provides detection, monitoring and capture of rogue drones over restricted airspace or no-fly zones. Once a rogue drone is detected and captured, DroneHunter can tether and return, or safely discard to a predefined safe zone.

"Drones are accessible to everyone now and are beginning to proliferate to enable many new services," said CEO of Fortem Technologies, Timothy Bean. "However, to fully embrace these  benefits, we must monitor the airspace and secure no-fly zones. Fortem's safe, low-cost detection and mitigation systems like DroneHunter are game-changing, enabling the benefits of a drone world to be realized."

Equipped with Fortem TrueView radar, DroneHunter includes an autonomous guidance system and an open command and control platform to detect, identify and tow away hostile drones within a secured geo-fenced perimeter. DroneHunter notifies authorized personnel of potential aerial threats in real time. The command center ground station provides monitoring and manual intervention override options to meet situational requirements.

The Fortem DroneHunter Platform
DroneHunter is an unmanned aerial vehicle (UAV) that operates autonomously and provides an onboard autopilot and navigation system, and optional 4K camera for real-time video. DroneHunter operates on multiple UAV platforms. The most popular models are light (under 16 lbs.), compact and easy to transport.

The Fortem Netgun effectively captures its target and can be configured for single or multiple shots. For higher speed targets, the Fortem Drape Net autonomously blocks fast-moving drones before they reach restricted areas or no fly zones.

Fortem TrueView Radar
Fortem TrueView Radar is at the heart of DroneHunter, and provides advanced detection, classification and monitoring, day and night and in all ground and weather conditions including smoke, clouds, fog and smog.

The DroneHunter system is available today for defense and federal government customers.

About Fortem Technologies
Fortem Technologies is an innovator in AI-enabled airspace security and safety. Fortem delivers military-tested, commercially available solutions that alert, identify and classify drones and other unmanned aircraft vehicles (UAVs) in real time. Based in Salt Lake City, UT, the company is privately held and backed by Signia Venture Partners and Data Collective. More at www.fortemtech.com

Media Contact:
Jen Colton
[email protected]
415-420-5516

 

SOURCE Fortem Technologies, Inc.

Related Links

http://www.fortemtech.com

General Dynamics to Acquire CSRA for $9.6 Billion

FALLS CHURCH, Va., Feb. 12, 2018 -- General Dynamics (NYSE: GD) and CSRA (NYSE: CSRA) today announced that they have entered into a definitive agreement under which General Dynamics will acquire all outstanding shares of CSRA for $40.75 in cash. The transaction is valued at $9.6 billion, including the assumption of $2.8 billion in CSRA debt.

"The acquisition of CSRA represents a significant strategic step in expanding the capabilities and customer base of GDIT," said Phebe Novakovic, chairman and chief executive officer of General Dynamics. "CSRA's management team has created an outstanding provider of innovative, next-generation IT solutions with industry-leading margins. We see substantial opportunities to provide cost-effective IT solutions and services to the Department of Defense, the intelligence community and federal civilian agencies. The combination enables GDIT to grow revenue and profits at an accelerated rate. It will allow us to deliver even more innovative, leading-edge solutions to our customers."

- Combination creates the premier provider of high-tech IT solutions to Government Technology Services market

- With approximately $9.9 billion in revenue and strong double-digit EBITDA margins, the combined GDIT and CSRA is well-positioned to serve its customers' current and evolving mission requirements

- Expected to generate run-rate pre-tax cost synergies of approximately 2% of combined sales by 2020

- Accretive to earnings and free cash flow per share in 2019

- Robust cash flow allows for rapid deleveraging and maintaining capital deployment flexibility

 

Larry Prior, chief executive officer and president of CSRA, said, "Our combination with General Dynamics represents an excellent outcome for CSRA's stockholders, employees and customers. It builds on strong shared values, culture and a passion for serving our customers' missions. We believe that this combination creates a clear, differentiated leader in the Federal IT sector, with a full spectrum of enterprise IT capabilities, including unique depth in Next-Gen offerings in conjunction with our commercial IT alliance partners."

Novakovic continued, "I am very pleased to welcome CSRA's talented leadership team and employees. This combination brings together two industry leaders with highly complementary capabilities to create a strong business with approximately $9.9 billion in revenue and double-digit EBITDA margins in the consolidating Government Technology Services sector."

General Dynamics expects the transaction to be accretive to GAAP earnings per share and to free cash flow per share in 2019, and expects to generate estimated annual pre-tax cost savings of approximately 2 percent of the combined company's revenue by 2020. We are committed to maintaining our strong credit ratings and using our robust cash flow for reduction of debt from the transaction, continuation of our dividend policy and the flexible deployment of capital, including ongoing investment in the business.

Transaction Terms and Financing
Under the terms of the agreement, which has been unanimously approved by the Board of Directors of both companies, a subsidiary of General Dynamics will commence a cash tender offer to purchase all of the outstanding shares of CSRA common stock for $40.75 per share in cash. The tender offer is subject to customary conditions, including antitrust clearance and the tender of a majority of the outstanding shares of CSRA common stock. Following successful completion of the tender offer, General Dynamics would acquire all remaining shares not tendered in the offer through a merger at the same price as in the tender offer. General Dynamics expects to complete the acquisition in the first half of 2018.

We anticipate financing the transaction through a combination of available cash and new debt financing. Upon completion of the transaction, General Dynamics anticipates retaining strong credit ratings with net debt of approximately $10.5 billion.

Advisors
Stone Key Group, LLC served as exclusive financial advisor to General Dynamics and Jenner & Block LLP served as legal counsel. Evercore and Macquarie Capital served as financial advisors to CSRA and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel.

Conference Call
General Dynamics and CSRA executives will discuss the transaction in a webcast on Monday, February 12, beginning at 8:30 a.m. EST. The live webcast of the conference call will be available on the General Dynamics website, www.generaldynamics.com, and the CSRA website, www.CSRA.com.

About General Dynamics
Headquartered in Falls Church, Virginia, General Dynamics (NYSE: GD) is a global aerospace and defense company that offers a broad portfolio of products and services business aviation; combat vehicles, weapon systems and munitions; C4ISR and IT solutions; and shipbuilding. The company's 2017 revenue was
$31 billion. More information is available at www.generaldynamics.com.

About CSRA
CSRA (NYSE: CSRA) is a leading government IT business providing next-generation technology solutions to federal customers. CSRA's solutions are organized into six service areas: cyber; data and analytics; digital platforms; digital services; enterprise business services; and intelligent business process services. The company's FY2017 (March) revenue was $5 billion. To learn more about CSRA, visit www.CSRA.com.

Notice to Investors
The tender offer described in this press release has not yet commenced. This press release is not a recommendation, an offer to purchase or a solicitation of an offer to sell shares of CSRA stock. At the time the tender offer is commenced, Red Hawk Enterprises Corp., a wholly-owned subsidiary of General Dynamics ("Merger Sub"), will file a tender offer statement and related exhibits with the U.S. Securities and Exchange Commission (the "SEC") and CSRA will file a solicitation/recommendation statement with respect to the tender offer. Investors and stockholders of CSRA are strongly advised to read the tender offer statement (including the related exhibits) and the solicitation/recommendation statement, as they may be amended from time to time, when they become available, because they will contain important information that stockholders should consider before making any decision regarding tendering their shares. The tender offer statement (including the related exhibits) and the solicitation/recommendation statement will be available at no charge on the SEC's website at www.sec.gov. In addition, the tender offer statement and other documents that Merger Sub files with the SEC will be made available to all stockholders of CSRA free of charge at www.generaldynamics.com. The solicitation/recommendation statement and the other documents filed by CSRA with the SEC will be made available to all stockholders of CSRA free of charge at www.CSRA.com.

Additional Information about the Merger and Where to Find It
In connection with the potential one-step merger of Merger Sub. with and into CSRA without the prior consummation of the Offer (the "One Step Merger"), CSRA will file a proxy statement with the SEC. Additionally, CSRA will file other relevant materials with the SEC in connection with the proposed acquisition of CSRA by General Dynamics and Merger Sub. pursuant to the terms of the Merger Agreement. Investors and stockholders of CSRA are strongly advised to read the proxy statement and the other relevant materials, as they may be amended from time to time, when they become available, because they will contain important information about the One Step Merger and the parties to the One Step Merger, before making any voting or investment decision with respect to the One Step Merger. The proxy statement will be available at no charge on the SEC's web site at www.sec.gov. The proxy statement and other documents filed by CSRA with the SEC will be made available to all stockholders of CSRA free of charge at www.CSRA.com.

CSRA and its directors and officers may be deemed to be participants in the solicitation of proxies from CSRA's stockholders with respect to the One Step Merger. Information about CSRA's directors and executive officers and their ownership of CSRA's common stock is set forth in the proxy statement for CSRA's 2017 Annual Meeting of Stockholders, which was filed with the SEC on June 27, 2017. CSRA stockholders may obtain additional information regarding the interests of CSRA and its directors and executive officers in the Merger, which may be different than those of CSRA stockholders generally, by reading the proxy statement and other relevant documents regarding the One Step Merger, when filed with the SEC.

Certain statements made in this press release, including any statements as to future results of operations and financial projections, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include, among other things, statements about the potential benefits of the proposed transaction; the prospective performance and outlook of the combined company's business, performance and opportunities, including the ability to deliver more innovative, leading-edge solutions; the ability of the parties to complete the proposed transaction and the expected timing of completion of the proposed transaction; as well as any assumptions underlying any of the foregoing. Forward-looking statements are based on management's expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. The following are some of the factors that could cause actual future results to differ materially from those expressed in any forward-looking statements: (i) uncertainties as to the timing of the tender offer and the merger; (ii) the risk that the proposed transaction may not be completed in a timely manner or at all; (iii) uncertainties as to the percentage of CSRA's stockholders tendering their shares in the tender offer; (iv) the possibility that competing offers or acquisition proposals for CSRA will be made; (v) the possibility that any or all of the various conditions to the consummation of the tender offer or the merger may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals); (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; (vii) the risk that stockholder litigation in connection with the proposed transaction may result in significant costs of defense, indemnification and liability; and (viii) other factors as set forth from time to time in General Dynamics and CSRA's filings with the SEC, including their respective Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, as well as the tender offer statement, solicitation/recommendation statement and other tender offer documents that will be filed by General Dynamics, Merger Sub and CSRA. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

All forward-looking statements speak only as of the date they were made. General Dynamics, CSRA and Merger Sub do not undertake any obligation to update or publicly release any revisions to any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.

SOURCE General Dynamics

Related Links

http://www.generaldynamics.com

Northrop Grumman to Provide Advanced Electronic Warfare Simulation Capability to Kingdom of Saudi Arabia

BUFFALO, N.Y. – Northrop Grumman Corporation (NYSE: NOC) has received a $75 million Indefinite Delivery/Indefinite Quantity (IDIQ) contract award to deliver Joint Threat Emitter (JTE) support services to the Kingdom of Saudi Arabia.

Northrop Grumman to Provide Advanced Electronic Warfare Simulation Capability to Kingdom of Saudi Arabia
The Joint Threat Emitter provides a modern, reactive battlespace war environment, designed to help train military personnel to identify and effectively counter enemy missile or artillery threats.

The JTE offers realistic warfighter training and provides a modern, reactive battlespace environment that trains military personnel to identify and counter enemy missile and artillery threats. It is a robust and ruggedized system that is easily relocated, reactive to aircrew/aircraft for fast-jet, fixed-wing and rotary-wing defensive measures, and can be rapidly reprogrammed with new threat parameters.

“Highly advanced and ready for the systems of today and tomorrow, JTE gives the Kingdom of Saudi Arabia an important capability for preparing its aircrews for operation in the modern electromagnetic spectrum environment,” said Walid Abukhaled, chief executive, Northrop Grumman Middle East.

Northrop Grumman’s JTE is the current U.S. Air Force program of record with 23 systems fielded both domestically and internationally.

Northrop Grumman has been working in the Kingdom for more than 40 years. The company provides advanced technologies to help enhance defense and technical capabilities. Northrop Grumman is also involved in localization activities and development of national capabilities to encourage Saudi youth to work in the technical and defense fields.

Northrop Grumman is a leading global security company providing innovative systems, products and solutions in autonomous systems, cyber, C4ISR, strike, and logistics and modernization to customers worldwide. Please visit news.northropgrumman.com and follow us on Twitter, @NGCNews, for more information.

Pages

 

Recent Videos

IntraLogic's official release of the "One Button" Lockdown system on CBS 2 News.
HID Global is opening the door to a new era of security and convenience.  Powered by Seos technology, the HID Mobile Access solution delivers a more secure and convenient way to open doors and gates, access networks and services, and make cashless payments using phones and other mobile devices. ...
Mobile device forensics can make a difference in many investigations, but you need training that teaches you how to get the most out of your mobile forensics hardware and software, and certifies you to testify in court. Read this white paper to learn how to evaluate mobile forensics training...
PureTech Systems is a software company that develops and markets PureActiv, its geospatial analytics solution designed to protect critical perimeters and infrastructure.  Its patented video analytics leverage thermal cameras, radars and other perimeter sensors to detect, geo-locate, classify, and...