British defence firm to merge with Franco-German group (Lead)September 13th, 2012 - 9:26 pm ICT by IANS
London, Sep 13 (IANS) Britain’s biggest defence manufacturer BAE Systems will merge with Franco-German group EADS in a 60-billion-pound deal to create the world’s biggest military and civil aerospace company, The Sun reported.
The new company would have a global workforce of 220,000, with 48,000 of them in Britain.
“This would put US companies completely in the shade, combining the best of British in defence with the best of Europe in commercial aerospace,” a source told the daily.
EADS - backed by the French and German governments - would have a 60 percent stake in the combined business, leaving BAE with the remaining 40 percent.
Both companies already cooperate on the Eurofighter jet.
BAE Systems is a global defence, aerospace and security company employing around 93,500 people worldwide. Its products and services cover air, land and naval forces, as well as advanced electronics, security, information technology, and support services. It has offices in Australia, India, Saudi Arabia and the US.
EADS is a global leader in aerospace, defence and related services, employing nearly 135,000 people at over 170 sites worldwide. It unites the capabilities of four market leaders, Airbus, Astrium, Cassidian and Eurocopter.
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