14 Feb 2001
Ref. 018/2001
BAE Systems today announced that it has reached agreement to sell Flight Simulation and Training of Tampa, Florida, United States, to CAE, Toronto, Canada, for $80 million cash.
“Flight Simulation and Training is an excellent company, whose core competencies will be better served in a company with similar expertise. CAE is just such a company,” said Mark Ronald, president and CEO, BAE Systems North America.
The transaction is expected to be completed in the first quarter of 2001, contingent on receiving required regulatory approvals in the United States. This sale underpins the intention on the part of CAE and BAE Systems PLC to explore a strategic relationship addressing military training opportunities globally.
This transaction is for the sale of the U.S. based Flight Simulation and Training business, which currently employs 773 people. The simulation and training business within BAE Systems Customer Solutions and Support in the UK will remain there.
BAE Systems Flight Simulation and Training provides aviation training and simulation solutions.
