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Tuesday, August 11, 2009

BAE Systems secures £1.75bn of deals

BAE SystemsBAE Systems, Europe’s largest defence company, captured £1.75 billion of new orders, even as it lost a £700 million deal to supply frigates to Malaysia.

The company secured a $1.9 billion (£1.1 billion) contract from the Pentagon to supply all-weather visibility systems for military vehicles and a £369.5 million contract to supply torpedos to the Ministry of Defence.

However, The Times has learnt that cost-cutting by the Malaysian Government had put paid to BAE’s plans to supply the Royal Malaysian Navy with two ships.

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