2 0 1 0 2 0 0 9 2 0 0 8 2 0 0 7 2 0 0 6 2 0 0 5 2 0 0 4 2 0 0 3 2 0 0 2 2 0 0 1 2 0 0 0 1 9 9 9 1 9 9 8 1 9 9 7 1 9 9 6 1 9 9 5 1 9 9 4 1 9 9 3 2 0 1 0 2 0 0 9 2 0 0 8 2 0 0 7 2 0 0 6 2 0 0 5 2 0 0 4 2 0 0 3 2 0 0 2 2 0 0 1 2 0 0 0 1 9 9 9 1 9 9 8 1 9 9 7 1 9 9 6 1 9 9 5 1 9 9 4 1 9 9 3 Nationality Area = enterprise value in billions Divestiture Communications/Electronics Aircraft Missiles/Launchers Federal IT/Tech Services Marine Land Primary/Secondary Sector(s) France Germany United States United Kingdom Other Legend Enterprise Value at EOY 2010 Area = Acquisition value or trailing-year revenues Examples $20B $10 Billion Land and Aircraft Germany 4Q 1997 $1 Billion Marine France 3Q 1994 $5 Billion Federal IT/ Tech Services United Kingdom 2Q 1993 $0.5 Billion Missiles/Launchers United States 3Q 1995 Entity divested in 3Q 1996 Acquired from other map entity 1 9 9 7 1 9 9 6 1 9 9 5 1 9 9 4 1 9 9 3 Steven C. Grundman Vice President John Hancock Tower 200 Clarendon Street, T-33 Boston, MA 02116-5092 +1-617-425-3168 [email protected] www.crai.com/aerospace Charles River Associates Aerospace & Defense Mergers & Acquisitions Map (January 1993 – December 2010) Copyright 2011 Charles River Associates Copyright 2011 Charles River Associates Copyright 2011 Charles River Associates Copyright 2011 Charles River Associates Marine Systems to Hughes Kilgore Flares to Chemring Astra UPC Ferrulmatic Hercules Aerospace Motorola Fuzing Alcoa Thiokol Blount SEG Boeing Ordnance Science & Applied Technology Composite Optics Simmons Outdoor to Meade Instruments Allied Aerospace GASL/Micro Craft PSI Group Mission Research Lithium Ion Battery business to EnerSys Swales Aerospace Eagle Industries Unlimited Blackhawk Industries Alliant Techsystems ATK $4B Synectics GEC Tracor Alphatech Practical Imagineering Maridan DigitalNet Piper Group MEVATEC APTI Heckler & Koch to mgmt Advanced Systems Gaithersburg to IDT Flight Training & Simulation to CAE BAE Systems Canada to ONCAP/Onex Siemens Plessey Electronics Shorts Military Vehicles GEC Marconi Electronic Systems LM Aerospace Electronic Systems Corbett Technologies AWA Defense Industries Imaging Sensors to Carlyle Group Radomes to Cobham BAe Australia military vehicles to Tenix RO liquid engines to Atlantic Research Space Systems to Matra Marconi Space Femtometrics Watkins Johnson Corporate Jets to Raytheon LM Control Systems Camouflage, Concealment and Deception to Saab Barracuda Avionics to Meggitt Condor Pacific Land Comms to Cobham Ocean Systems to Ultra Electronics Atlas Elektronik to EADS ThyssenKrupp Military and secure comms to Finmeccanica STN Atlas Naval Systems stake Alvis STI Government Systems EW Passive Expendables to Esterline Fin actuation to United Technologies Aerostructures to Spirit AeroSystems United Defense Petards surveillance software National Sensor Systems TAMIS products to Rannoch Regional Aircraft Training to GCAT Flight Academy SELEX Sensors and Airborne Systems stake to Finmeccanica Inertial Products to JF Lehman Detica Group Tenix Defence IST Dynamics MTC Technologies Pitch Technologies Armor Holdings Centigon International to Carat Duchatelet Holdings Sensors & Antenna Systems to Cobham Container Solutions to Rocky River Holdings OASYS Technology Atlantic Marine BVT Surface Fleet Advanced Ceramics Research UK portion of AMS GEC-Marconi British Aerospace BAE Systems $19B Jeppesen Sanderson SBS International Conquest Frontier Systems Carmen Systems Aviall Hughes Space & Communications Preston Group McDonnell Douglas Alliant Marine Systems Magnavox Electronic Systems Litton Itek CAE Link Hughes St. Louis fabrication operations to GKN Sensors & Electronic Systems to DRS Rockwell Litton Precision Gear Precision Gear to Derlan Information Services to SAIC ARGO Systems to Condor Autometric Hawker de Havilland Flight Training to GECAS Avicom to Rockwell Hughes Aircraft to Raytheon Inertial Systems to Litton Rediffusion Simulation to Thomson-CSF Ordnance to ATK Spokane facility to Triumph Electron Dynamic Devices to L-3 Wichita/Tulsa facilities to Onex Rocketdyne to United Technologies Digital Cinema to AccessIT Flight Safety Boeing Continental Graphics On Demand Mfg to RMB Products Arnprior facility to Consolidated Industries Boeing Commercial Electronics to BAE Corinth facility to Snecma Hughes C-Map Insitu Vought Aircraft Industries 787 facility Argon ST Ocean Systems Narus RavenWing Digital Receiver Technologies Global Aeronautica stake eXMeritus Federated Software Group Tapestry Solutions Civil helicopters to RDM ACESII Ejection Seat to Goodrich Kestrel Enterprises Boeing CDM Technologies Summit Aeronautics Group Boeing $50B Fluid & Air product line FR Electronics ACR Electronics Credowan Satori Hyper Technologies Conax Artex Nurad Technologies Lincoln Laser Wulfsberg FM Radio product line ML Aviation & Lifeguard Equipment Wallop Industries Flexcom Slingsby Aviation & Engineering Argotek Safelife Global Microwave Systems M/A-COM MMI Research BAE Sensors & Antenna Systems SPARTA S-TEC Patriot Antenna Systems Domo Tracstar Microwave Development Vector Fields H. Koch & Sons REMEC Defense and Space Label Mastsystem International Oy TCRMA WA Systems Temex Diodes CTM Spectronic Denmark NEC Aero DTC Communications Pentar Avionics Precision Antennas Aerosynergies Sierracin’s Harrison Division (Stanley Harrison) ERA Technology TransAustralian Air Nauticast Litton Life Support Thales Antennas Novatech Designs Drager Aerospace dB Systems Atlas Composites Xybion Sensor Positioning Systems Orion Electronics BAE Land Comms Hyper Industrie et Numeriques Micromill Electronics Airtron Microwave Products Coefi Applied Composites Seimac Omnipless Team SMS Satori Air Services GTE Salies Transco BAE Radomes National Jet Systems European Antennas Sivers Lab Starec Continental Microwave & Tool CAA Flight Calibration Airborne Hydraulics Kevlin Westwind Air Bearings H&W Industries Rayan Sargent Fletcher FLS Aerospace Comant Industries Atlantic Microwave High Temperature Engineers Complas Sea Tel Aerolec Sierra Flight Systems Markhorst Vastgoed Snipe Saunders Valve Hymatic Engineering Lincoln Laser Culham Electro-magnetics & Lighting ML Lifeguard Slingsby Engineering Westwind Air Bearings FR HiTemp Avery Hardoll to Meggitt Alan Cobham Engineering FR Countermeasures Wallop Defense Systems Flight Precision Precision Antennas Aerodata Flight Inspection Atlas Composites Slingsby Aviation Drager Aerospace Chelton Applied Composites M/A-COM product line Satori SAS M/A-COM Technology Solutions Cobham Cobham $4B RVision Stanley Harrison Sextant ATE SODERN Cogent Defense Systems Australian Aerospace Nortel Cogent Astrium Racal Instruments Dutch Space Talon Instruments IFR Sofrelog Nokia Professional Mobile Radio business Paradigm Secure Communications Aerospatiale Matra DaimlerChrysler Aerospace Siemens Defense Electronics Matra Hautes Technologies CAC Systemes Sycomore Giravions Dorand Aeroformation Elekluft Elektronik to Serco MTU to DiamlerChrysler CMS Group to Primex Dornier Luftfahrt to Fairchild Telefunken Sendertechnik to Tech-Sym Airport Systems to Honeywell Aerospatiale Dynamic Process Solutions McAlpine Helicopters Get Electronique Les Ulis naval and ground to Safran Sogerma Services aircraft maintenance to TAT Sabena Technics PlantCML Auspace to Nova Aerospace Airbus Laupheim facility to Diehl/Thales Dasell Cabin to Diehl Airbus Filton facility to GKN REVIMA to United Technologies Airbus Surrey Satellite Technology Aeroframe Services to Linden Street Capital Dasell Cabin Enginyeria i Fotogrametria Daimler-Benz Aerospace Construccionnes Aeronauticas Aviospace Regency IT Jena-Optronik Airbus Corporate Jet Centre Trig-Tek Nammo Demil EADS $12B Finmeccanica SELEX Sensors and Airborne Systems stake Datamat Ingegneria dei Sistemi BAE Systems Military and Secure Communications AMS Air Traffic Mgmt Soneticom Lasertel Marconi OTE Marconi Strategic Communications Telespazio AMS Italian operations GKN AgustaWestland stake Forezio Aermacchi stake Microelettronica Italiana EFIM (defense operations) DRS Technologies VEGA Group Agusta SpA to Officine Aeronavali Dee Howard to mgmt Alenia engine nacelles business to Aermacchi Global Aeronautica stake to Boeing Europea Microfusioni Aerospaziali CenGen Finmeccanica $14B Fort Worth to Lockheed Electronics mfg to Elbit/Crossroads Electronics to Carlyle Group Missile operations to Hughes Lucent ATS Bath Iron Works Teledyne Vehicle Systems Lockheed Martin Defense/Armaments NASSCO Holdings, Inc. Computing Devices International Galaxy Aerospace Primex Technology Santa Barbara Saco Defense GTE Government Systems Gulfstream Aerospace Space Systems to Martin Marietta Space Propulsion to Aerojet Applied Remote Technology to Raytheon Motorola IISG Eisenwerke Kaiserlautern Command System Advanced Technical Products Datron IMCO Steyr Spezialfahrzeug MAYA Viz Itronix Chamberlain Mfg (Scranton) Anteon Mediaware International Monteria SNC Technologies FC Business Systems Tadpole Computer Engineering Technology Veridian GM Defense Creative Technology Digital System Resources TriPoint Global Spectrum Astro Aeronautics Services to Wyle Labs Airborne Electronic Systems to Astronics C4 Systems Interactive to KoolConnect Technologies Selected business units to Alion Aeronautics & Transportation Testing to Calspan Propulsion Systems to L-3 Murcia Plant to Expal Jet Aviation AxleTech Axsys Technologies K Services Kylmar EBV Explosives Environmental Company HLTH ViPS Integrated Defense Systems WECO Aerospace Systems American Ordnance to Day & Zimmerman Spacecraft Development & Mfg. to Orbital Sciences General Dynamics General Dynamics $28B GTE Spacenet Corp Unison Industries TPI Aviation Garrett Aviation Services ElectroSonics Lockheed Martin Aerostructures Kilsen Ion Track SI Pressure Instruments MJ Harden Ramix Aerotech Tubetronics DNA Computing Solutions Edwards Systems Technology Agfa non-destructive testing business InVision Technologies Walter Engines Turbomecania Combustor Products Smiths Aerospace CoVi Technologies Naverus SBS Technologies Radstone Technology Condor Engineering Aircraft Parts Greenwich Air Services UNC AmeriData Technologies Bosch Telecom Aviation Systems product line to Moog Security to United Technologies Times Microwave Systems to Amphenol Genesis Lease MJ Harden to GeoEye Turkish Aerospace Industries stake to Turkish Aircraft Industries Garrett Aviation Services Centers to Carlyle Group SimuFlite Training International to CAE Unison Aircraft Parts to TransDigm Unison ignition product line to TransDigm Panametrics Space Instrumentations to Assurance Technology Turbine Clearance Control product line to Meggitt Canadian Marconi to BAE Aircraft Engines business to BFGoodrich Tri-Manufacturing to TI Group Engines Controls business to Lockheed Martin Aerospace business to Martin Marietta General Electric (not to scale) SimuFlite Training General Electric $574B Bourns Recon/Optical TEAC Aerospace JcAIR Test Systems to Aeroflex Avionics Systems to L-3 Engine Electrical Systems to Unison Hughey & Phillips Airport Lighting Marine Bearings to Duramax TRW Aeronautical Systems Sensors Unlimited Hella Aerospace Dana Glacier Bearings Air Science Engineering Humphrey REMEC Autoliv OEA Aerospace Raytheon Optical Systems Corning EO Sensors Advanced Creations IBP Aerospace EDO Barnes Boeing ACES II Ejection Seats ITHACO Space Systems Coltec AMMI Rohr Gulton Mark IV Lucas De-Icing Sheldahl Hoskins Aviation Lighting Technology Integration Weed Aerospace Emerson Rosemount Aerospace GE Specialty Heating & Avionics Power Abex ClevelandPneumatic Atlantic Instruments Universal Propulsion Aviation Technical Services to Macquarie Cloud Cap Technology Crompton Technology Atlantic Intertial Systems Decrane Cabin Management Skyline Industries Goodrich Goodrich $12B Grimes Aerospace Banner Aerospace Operations Normalair/Garrett Tristar Aerospace Communications to Raytheon Ocean Systems to L-3 Trimble Air Transport Systems Mora Aerospace Chadwick-Helmuth Baker Electronics The Gamewell Co. Silent Witness Quantum Laser AlliedSignal Honeywell Hermetic Aircraft to AAR TCAS to L-3 DASA Airport Systems Hughey & Phillips First Move Facilities Management Febu Bergen Mantenimiento y Control Internacional de Mantenimiento Smiths FOG Aerospatiale Canada to Thales DuPont Lanxide Composites GKN Hermetic Aircraft LORI Heat Exchange Northrop Grumman Precision Products ELAC-Nautik to AlliedSignal Advanced Circuits to TTM Advanced Composites to GE ADS Australia to Raytheon First Technology Safety & Analysis to HgCapital Indalex Aluminum Solutions to Sun Capital Partners ESSER Fire Alarm to DEF Security Monitoring to GTCR Golder Rauner Hymatic Group Genesis Cable Systems Novar Maxon Hand Held Productions Intelligent Automation Dimensions International Richardson Burtek & Security Systems Sperian Protection Datalynx to Universal Space Network Sentel Corp to private investors Consumables Solutions to B/E Aerospace Pittway Space & Navigation to L-3 Advanced Control and Simulation Alarme et Protection ESS Group INU Control Honeywell Allied-Signal Honeywell $46B ILEX Systems SPD Technologies Storm Control Systems Interstate Electronics TrexCom LNR/EMP Bulova Defense Emergent Government Services PerkinElmer Detection Spar Aerospace Celerity Systems to Aeroflex Coleman Research Raytheon Flight Training EnvisoNet AlliedSignal Space & Navigation Aydin Microdyne Satellite Transmissions System L-3 Communications KDI Precision Products Aeromet SY Technology MPRI Honeywell TCAS Electrodynamics ESSCO Network Security to Symantec Hycor to Sippican Com-Cept TMA Westwood International Microwave Wescam Ship Analytics Electron Devices & Displays AlliedSignal Ocean Systems Goodrich Avionics Systems Vertex Aerospace Nova Engineering TRL Electronics Nautronix Defence Crestview Aerospace SSG Precision Optronics CyTerra Advanced System Architectures SAM Electronics Sonoma Design Group Mobile-Vision InfraredVision Technology Ipicom Ipitek OYO Klein Associates EOTech Titan Joseph Sheairs Associates Applied Signal and Image Technology BAI Aerosystems General Dynamics Propulsion Systems Boeing Electron Dynamic Devices Pyramid Vision Video Security D.P. Associates Avisys Brashear Beamhit Northrop Grumman Navigation and Space Sensors Canada Cincinnati Electronics Raytheon Commercial Infrared Bombardier Military Aviation Services CAE Marine Controls Global Communications Solutions Geneva Aerospace Magnet-Motor SafeView TCS Design and Management Services Insight Technology GA International Electronics 3Di Technologies Airborne Technologies Northrop Grumman Electro-Optical Systems HSA Systems Medical Education Technologies to management International Resources Group Chesapeake Sciences Raytheon Aircraft Integration Sarnoff Video Security Datron Systems EER Systems L-3 Communications $12B Ten businesses Defense/Armaments to General Dynamics Aerostructures to GE Orincon Comsat Mobile to Telenor Electro Mechanical Systems to DRS LM Aerospace Electronic Systems to BAE Systems LM Control Systems to BAE Systems World Systems CDTI to Intelsat Comsat General to Intelsat Enterprise Integration to Veritas Comsat to World Data Unisys Defense Systems IBM Federal Systems LTV Missiles General Dynamics Space Systems Martin Marietta Lockheed Loral Defense Electronics Loral Space & Communications Fabrica Militar de Aviones ACS federal Commercial Solutions to ACS SYTEX Group Coherent Technologies INSYS Group STASYS Sippican Astrolink GE Aerospace General Dynamics Fort Worth Pacific Architects and Engineers Savi Technology PercepTek 3Dsolve RLM Systems Management Systems Designers ISX HMT Vehicles Aspen Systems Nantero Government Aculight IMS Strategic Support Universal Systems & Technology Gyrocam Systems RLM Holdings Eagle Group International AeroText to Rocket Software Compass Computer Services to Sensei Enterprises Lockheed Khrunichev Energia to Space Transport GE Engine Controls COMSAT OAO Loral Lockheed Martin Marietta Lockheed Martin $27B Ryan Aeronautical Navia Aviation Precision Gear to Boeing Intevac E-OSystems Vought Aircraft Imo Electro Optics PRC PRC AEGIS Services to Tracor Teldix Racal Marine Avondale TASC Denro Weather Services to Landmark Communications Teledyne Ryan Hexcel EMT Material Logicon Westinghouse INRI Sperry Marine SAI Technology Sterling Software Federal Systems Comptek Research California Microwave ISD DPC Technologies Commercial Aerostructures to Carlyle Group Electron Devices & Displays to L-3 Newport News Shipbuilding Litton Industries Mannesmann Dematic Postal Network Six TRW XonTech Fibersense Technology Federal Data Corp Ferretec Teledyne Electronic Systems Fibercom Raytheon Microwave & PowerTube Precision Products to AlliedSignal ITEK to Hughes Hughes Inertial Systems VEAM/TEC to ITT SciTec to mgmt Poly-Scientific to Moog Kester to American Capital Automotive to Blackstone Group Life Support to Cobham Cutting Edge Optronics Electronic Products to ETA Technologies Aeronautical Systems to Goodrich Lucas Varity BDM International Astro Aerospace Pierburg Luftfahrtgerate Illgen Simula Confluent RF Systems Navigation & Space Sensors Canada to L-3 Winchester Electronics to Audax Group Teldix to Rockwell Collins Airtron Microwave Products to Cobham SiC Group to II-VI Motion Controls & Sonar Canada to Wescan Integic Grumman Scaled Composites AMSEC naval programs Essex 3001 Swift Engineering KillerBee product line Commercial Communications Products to Avanex Electro-Optical Systems to L-3 TASC to General Atlantic & KKR Aerojet EIS Northrup Grumman Canada to Wescan Lucas Fabricated Systems to MB Aerospace Litton Industries TRW Northrop Northrop Grumman $21B Aerospace Co. to Veritas Capital Montek Division to Moog E-Systems, Inc. BAe Corporate Jets General Dynamics Applied Remote Technology Chrysler ESI &CTAS JPS Communications Honeywell ADS Australia Photon Research Associates UTD Virtual Technology Oakley Networks Sarcos Research Telemus Solutions SI Government Solutions Solipsys AlliedSignal Communications Hughes Aircraft Optical Systems to Goodrich Sonobuoys to Ultra Electronics MMIC Operations to TriQuint Microwave & Power Tube Division to Litton Aircraft Services FBOs to Mercury Air AIS to L-3 Texas Instrument DSEG RF Components to Fairchild Semiconductor Aerial Targets to Composite Engineering Commercial Infrared to L-3 Ground EO/FPA to DRS Flight Options to HIG Capital Raytheon Aircraft to Onex/GS Capital Houston Associates BBN Technologies Trusted Computer Solutions Technology Associates Compucat Research Flight Training to L3 Raytheon Raytheon $17B Information Technology & Applications Aerospace & Defense to Boeing Rockwell Collins Teldix IP Unwired Anzus Evans & Sutherland simulation NLX Airshow Communication Solutions Kaiser Fluid Technologies to Tactair Fluid Controls Rockwell Scientific to Teledyne Kaiser Aerospace & Electronics Sony Trans Com Intertrade Flight Dynamics Hughes-Avicom Rockwell Automation United Technologies Microelectronics Center Blue Ridge Simulation SEOS Athena Technologies Air Routing International DataPath Rockwell International Rockwell Collins $9B Seaworthy Systems Gear Systems to Triumph Vickers Defence Systems to Alvis Vickers Turbine Components to RBS Group Bristol Aerospace to Megellan Aerospace SAIC Data Systems & Solutions stake VT Controls INTERING BMW Rolls-Royce stake Vickers LucasVarity Geared Systems Allison Engine FAvS National Airmotive Rolls-Royce Europea Microfusioni Aerospaziali Rolls-Royce $16B Gespac Integration Boeing Corinth facility Snecma Sabena Engine Service stake Teuchos Sopartech e-Software Leica Vectronix Morpho Systemes ARNAV Systems Sagem Robonic EADS Les Ulis naval and ground Interstar Technologies Snecma SMA stake Optics 1 Messier-Bugatti-Tracer Harvard Custom Manufacturing Motorola biometrics business Techspace Aero military MRO to United Technologies Sagem Securite Electronic Payment Business to Ingenico Cinch Connectors to Bel Fuse Snecma Sagem Safran $16B Racal Instruments to Thomas Weisel/JF Lehman Aeronautical Services to SAS Antennas to Cobham Avimo Group Experlan Global Control Arisem ADI Limited Alcatel transport & security assets Racal Electronics Sextant Avionique Hughes Rediffusion Simulation ADI Acoustics to JF Lehman High Tech Optics to Candover Investments Thales Navigation to Shah Capital Partners Shorts Missile Systems Alcatel Military Communications Magellan Altech African Defense Systems Wormald Technology Deutsche System Thorn-EMI MLR Electronique AlliedSignal Aerospatiale Canada Telematics to Cybit Holdings Optronics beryllium mirrors to GSI Group Thales Computers to Kontron Thales Alenia Space Antwerp to OHB Technology SVS TDA Armament Barco Maritime Safety & Surveillance nCipher Texen to Barco N.V. Thomson-CSF Thales $8B DF Group Raytheon Sono-bouy product line Flightline Electronics Power Magnetics & Electronics Systems EMS Development Corp Videcom Winfrith Safety Systems Polyflex Aerospace Radamec Defence Systems CMC Electronics Military Communications Measurement Systems Devtek Applied Electronics Ltd DNE Systems Helitune Ultra Audiopack Technologies Horizon Aerospace Telemus Avalon Systems Tisys Descam Consulting Magneto-Inductive Systems CritiCom Siemens Radmon Transmag Power Systems Extec Integrated Systems Scytale Xerion Weed Instrument Company Harris Acoustic Products ProLogic AudioSoft Atkins & Partners Graytronics BCF Designs Advanced Programming Concepts Sparton of Canada Ocean Systems from BAE Systems SML Technologies Ultra Electronics $2B Airport Systems Dowty Electronic Systems Solid rockets to Aerojet WFEL to Dunedin Capital Partners Photonics to Uniphase Altair Avionics Orbital Sensor Systems Magnaghi Hydraulics Cade Industries Dallas Aerospace Braathens Engine Maintenance Caribe Aviation Space Power Turbotech Repairs Claverham Group Derco Great Lakes Turbine IMI Marston Aerospace Helicopter Support Ratier-Figeac Howmet Airfoil Refurbishment Sundstrand Interturbine Flight Repair P&W Klimov H+S Aviation Overhaul Nordam Propulsion Systems Dynamic Controls Koor Carmel Forge Helitech Aerospace Services Schweizer Aircraft Keystone Ranger Holdings Page Group Initial Sécurité Rentokil Initial Electronic Security SFS Fire Services Precision Engine Controls PZL-Mielec Aircraft Invensys Firex Safety CTA BAE Systems fin actuation Boeing Rocketdyne Lenel Systems Keystone Flight Services to Seacor ARDE Lifeport GST Detection Logic Fire Protection Techspace Aero military MRO REVIMA Chubb Rzeszow Chubb New Zealand to ISS Facilities Services MSS Security Group to SIS India Microtecnica to Stirling Square Capital Adaptive Optics to Metrologic United Technologies GE Security United Technologies $81B Microelectronics Center to Rockwell Collins