BAE to offload US body armour unit
BAE Systems, the defence, security and aerospace group, has announced that it is selling its US body armour and firearm accessories division, Safariland.
BAE Systems, the defence, security and aerospace group, has announced that it is selling its US body armour and firearm accessories division, Safariland.
The firm has entered into an agreement with a newly formed acquisition vehicle affiliated with Kanders & Company to dispose of Safariland for around $114m, BAE said on Wednesday afternoon.
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It operates across five sites in the US and Mexico, employing around 1,700 people and generated sales of $206.2m in 2011.
"The sale of the Safariland business is conditional, among other things, upon certain regulatory approvals, and is expected to close in the second or third quarter of 2012," BAE said.
BAE's shares were trading 1.79% lower at 291.1p by 15:06.
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