BAE Systems
Aerospace, defence and information security | |
Predecessors | |
---|---|
Founded | 30 November 1999 |
Headquarters | London, England, UK |
Area served | Worldwide |
Key people |
|
Revenue | £23.078 billion (2023) |
£2.573 billion (2023) | |
£1.940 billion (2023) | |
Total assets | £32.064 billion (2023) |
Total equity | £10.723 billion (2023) |
Number of employees | 93,000 (2024) |
Divisions | See below |
Subsidiaries | |
Website | baesystems |
Footnotes / references [2][3] |
BAE Systems plc is a British
BAE is the successor to various aircraft, shipbuilding, armoured vehicle, armaments and defence electronics companies, including the
Since its 1999 formation, BAE has made a number of acquisitions, most notably of United Defense and Armor Holdings of the United States, and has sold its shares in Airbus, Astrium, AMS and Atlas Elektronik. It is involved in several major defence projects, including the Lockheed Martin F-35 Lightning II, the Eurofighter Typhoon, the Astute-class submarine, and the Queen Elizabeth-class aircraft carriers. BAE Systems is listed on the London Stock Exchange's FTSE 100 Index.
History
Heritage
British Aerospace was a civil and military aircraft manufacturer, as well as a provider of military land systems. The company had emerged from the massive consolidation of UK aircraft manufacturers since World War II. British Aerospace was formed on 29 April 1977, by the nationalisation and merger of the British Aircraft Corporation (BAC), the Hawker Siddeley Group and Scottish Aviation.[14] Both BAC and Hawker Siddeley were themselves the result of various mergers and acquisitions.[15]
Marconi Electronic Systems was the defence subsidiary of British engineering firm the
Formation
The 1997 merger of American corporations Boeing and McDonnell Douglas, which followed the formation in 1995 of Lockheed Martin, the world's largest defence contractor, increased the pressure on European defence companies to consolidate. In June 1997, British Aerospace Defence managing director John Weston commented "Europe ... is supporting three times the number of contractors on less than half the budget of the U.S."[23] European governments wished to see the merger of their defence manufacturers into a single entity, a "European Aerospace and Defence Company".[24]
As early as 1995, British Aerospace and the German aerospace and defence company
Meanwhile, GEC was also under pressure to participate in defence industry consolidation. Reporting the appointment of George Simpson as GEC managing director in 1996, The Independent said "some analysts believe that Mr Simpson's inside knowledge of BAe, a long-rumoured GEC bid target, was a key to his appointment. GEC favours forging a national 'champion' defence group with BAe to compete with the giant US organisations."
Seventeen undertakings were given by BAE Systems to the
BAE Systems inherited the UK government-owned
2000s
BAE Systems' first annual report identified Airbus, support services to militaries and integrated systems for air, land and naval applications as key areas of growth. It also stated the company's desire to both expand in the US and participate in further consolidation in Europe. BAE Systems described 2001 as an "important year" for its European joint ventures, which were reorganised considerably. The company has described the rationale for expansion in the US; "[it] is by far the largest defence market with spend running close to twice that of the Western European nations combined. Importantly, US investment in research and development is significantly higher than in Western Europe."[37] When Dick Olver was appointed chairman in July 2004 he ordered a review of the company's businesses which ruled out further European acquisitions or joint ventures and confirmed a "strategic bias" for expansion and investment in the US.[38] The review also confirmed the attractiveness of the land systems sector and, with two acquisitions in 2004 and 2005, BAE moved from a limited land systems supplier to the second largest such company in the world. This shift in strategy was described as "remarkable" by the Financial Times.[39] Between 2008 and early 2011 BAE acquired five cybersecurity companies in a shift in strategy to take account of reduced spending by governments on "traditional defence items such as warships and tanks".[40]
In 2000
In June 2002, BAE Systems confirmed it was in takeover discussions with TRW, an American aerospace, automotive and defence business. This was prompted by Northrop Grumman's £4.1 billion (approx. US$6 billion c. 2002) hostile bid for TRW in February 2002. A bidding war between BAE Systems, Northrop and General Dynamics ended on 1 June when Northrop's increased bid of £5.1 billion was accepted. On 11 December 2002, BAE Systems issued a shock profit warning due to cost overruns of the Nimrod MRA4 maritime reconnaissance/attack aircraft and the Astute-class submarine projects.[47] On 19 February 2003 BAE took a charge of £750 million against these projects and the Ministry of Defence (MoD) agreed to pay a further £700 million of the cost.[48] In 2000 the company had taken a £300 million "loss charge" on the Nimrod contract which was expected to cover "all the costs of completion of the current contract".[49] The troubled Nimrod project would ultimately be cancelled as part of the 2010 Strategic Defence and Security Review (SDSR).[50]
The UK government, following a cabinet row described as "one of the most bitter Cabinet disputes over defence contracts since the
In May 2004, it was reported that the company was considering selling its shipbuilding divisions,
On 4 June 2004, BAE Systems outbid General Dynamics for
In December 2005, BAE Systems announced the sale of its German naval systems subsidiary, Atlas Elektronik, to
On 18 August 2006 Saudi Arabia signed a contract worth £6 billion to £10 billion for 72 Eurofighter Typhoons, to be delivered by BAE Systems.[64] On 10 September 2006 the company was awarded a £2.5 billion contract for the upgrade of 80 Royal Saudi Air Force Tornado IDSs.[65] One of BAE Systems' major aims, as highlighted in the 2005 Annual Report, was the granting of increased technology transfer between the UK and the US. The F-35 (JSF) programme became the focus of this effort, with British government ministers such as Lord Drayson, Minister for Defence Procurement, suggesting the UK would withdraw from the project without the transfer of technology that would allow the UK to operate and maintain F-35s independently. On 12 December 2006, Lord Drayson signed an agreement which allows "an unbroken British chain of command" for operation of the aircraft.[66] On 22 December 2006 BAE received a £947 million contract to provide guaranteed availability of Royal Air Force (RAF) Tornados.[67]
In May 2007 the company announced its subsidiary BAE Systems Inc. was to purchase Armor Holdings for £2.3 billion (approx. US$4.5 billion c. 2007) and completed the deal on 31 July 2007.[68][69] The company was a manufacturer of tactical wheeled vehicles and a provider of vehicle and individual armour systems and survivability technologies.[68] BAE Systems (and British Aerospace previously) was a technology partner to the McLaren Formula One team from 1996 to December 2007.[70][71] The partnership originally focused on McLaren's F1 car's aerodynamics, eventually moving on to carbon fibre techniques, wireless systems and fuel management. BAE Systems' main interest in the partnership was to learn about the high speed build and operations processes of McLaren.[70]
The company announced the acquisition of
BAE Systems inherited British Aerospace's share of Airbus Industrie, which consisted of two factories at Broughton and Filton. These facilities manufactured wings for the Airbus family of aircraft. In 2001 Airbus was incorporated as Airbus SAS, a joint stock company. In return for a 20% share in the new company BAE Systems transferred ownership of its Airbus plants (known as Airbus UK) to the new company.[77]
Despite repeated suggestions as early as 2000 that BAE Systems wished to sell its 20% share of Airbus, the possibility was denied by the company.
2010s
In February 2010 BAE Systems announced a £592 million
BAE Systems inherited British Aerospace's 35% share of
The company continued its move into support services in May 2010 with the purchase of the marine support company
BAE Systems sold the regional aircraft leasing and asset management arm of its
In its 2012 half-year report, the company revealed a 10% decline in revenue in the six months up to 30 June due to falling demand for armaments.[95] In May 2012 the governments of the UK and Saudi Arabia reached an agreement on an arms package which saw a £1.6 billion contract awarded to BAE for the delivery of 55 Pilatus PC-21 and 22 BAE Systems Hawk aircraft.[96] The Sultanate of Oman ordered Typhoon and Hawk aircraft worth £2.5 billion in December 2012.[97]
In September 2012, it was reported that BAE Systems and
In November 2013, BAE Systems announced that shipbuilding would cease in Portsmouth in 2014 with the loss of 940 jobs, and a further 835 jobs would be lost at Filton, near Bristol, and at the shipyards in Govan, Rosyth, and Scotstoun in Scotland.[102] On 9 October 2014, the company announced the loss of 440 management jobs across the country, with 286 of the job cuts in Lancashire.[103][104]
In July 2014 it announced the acquisition of US intelligence company Signal Innovations Group Inc. to augment imagery and data analysis technologies in its Intelligence & Security business.
During Prime Minister Theresa May's visit to Turkey in January 2017, BAE and TAI officials signed an agreement, worth about £100 million, for BAE to provide assistance in developing the TAI TF Kaan aircraft.[109] On 10 October 2017, BAE announced that it would lay off nearly 2,000 out of its approximately 35,000 employees in Britain, mainly due to an order shortage for the Typhoon fighter.[6]
In 2019 BAE Systems sold a 55% share of its UK land business to Rheinmetall. The resultant joint venture (JV), Rheinmetall BAE Systems Land (RBSL), was established in July 2019 following regulatory approval and is headquartered at the existing facility in Telford, Shropshire.[110]
2020s
In August 2020 BAE Systems completed the purchase of
In November 2020, the MoD announced the award of a 20-year, £2.4 billion munitions contract to BAE. This will see BAE manufacture 39 different munitions for the UK armed forces and supersedes the 2008 MASS contract.[112]
In 2022, during the Russian invasion of Ukraine, major arms manufacturers, including BAE Systems,[113] reported a sharp increase in interim sales and profits.[114][115]
In August 2023 BAE agreed to acquire the aerospace division of US-based Ball Corporation for $5.6 billion in cash (approximately £4.5 billion); this was BAE's largest acquisition up until that point.[116] In October 2023, BAE was awarded a £3.95 billion contract for development work on Aukus-class submarines up to 2028.[117] The deal with Ball was closed on 16 February 2024.[118]
Products
BAE Systems plays a significant role in the production of military equipment. In 2017, 98% of BAE Systems' total sales were military related.[119][120]
It plays important roles in military aircraft production. The company's Typhoon fighter is one of the main front line aircraft of the RAF.
Major naval projects include the Astute-class submarines, Type 26 frigates and Dreadnought-class submarines.[127]
BAE Systems is indirectly engaged in production of
BAE has operated the Holston Army Ammunition Plant in Tennessee, since 1999, and the Radford Army Ammunition Plant in Radford, Virginia since 2012.[130]
Areas of business
BAE Systems' biggest markets are the US 44%, UK 20%, Saudi Arabia 11% and Australia 4%, as of 2022.[2]
United Kingdom
BAE Systems is the main supplier to the UK
After its creation, BAE Systems had a difficult relationship with the MoD. This was attributed to deficient project management by the company, but also in part to the deficiencies in the terms of "fixed price contracts". CEO Mike Turner said in 2006 "We had entered into contracts under the old competition rules that frankly we shouldn't have taken".[133] These competition rules were introduced by Lord Levene during the 1980s to shift the burden of risk to the contractor and were in contrast to "cost plus contracts" where a contractor was paid for the value of its product plus an agreed profit.[134]
BAE Systems was operating in "the only truly open defence market",[135] which meant it was competing with US and European companies for British defence projects, while they were protected in their home markets. The US defence market is competitive, however largely between American firms, while foreign companies are excluded. In December 2005 the MoD published the Defence Industrial Strategy (DIS) which has been widely acknowledged to recognise BAE Systems as the UK's "national champion".[136] The government claimed the DIS would "promote a sustainable industrial base, that retains in the UK those industrial capabilities needed to ensure national security."[137]
After the publication of the DIS BAE Systems CEO Mike Turner said "If we didn't have the DIS and our profitability and the terms of trade had stayed as they were... then there had to be a question mark about our future in the UK".[138] Lord Levene said in the balance between value for money or maintaining a viable industrial base the DIS "tries as well as it can to steer a middle course and to achieve as much as it can in both directions. ...We will never have a perfect solution."[139]
United States
The attraction of MES to British Aerospace was largely its ownership of Tracor, a major American defence contractor.[140]
BAE Systems Inc. now sells more to the US Department of Defense (DOD) than to the UK MoD.
The possibility of a merger between BAE Systems Inc. and major North American defence contractors has long been reported, including Boeing, General Dynamics, Lockheed Martin, and Raytheon.[55][143][144]
Rest of the world
BAE Systems Australia is one of the largest defence contractors in Australia, having more than doubled in size with the acquisition of Tenix Defence in 2008.[145] The Al Yamamah agreements between the UK and Saudi Arabia require "the provision of a complete defence package for the Kingdom of Saudi Arabia"; BAE Systems employs 5,300 people in the country.[146] As of March 2022, BAE Systems employs over 7,000 people in Saudi Arabia and 75 per cent of the employees are Saudi nationals.[147] BAE Systems' interests in Sweden are a result of the purchases of Alvis Vickers and UDI, which owned Hägglunds and Bofors respectively; the companies are now part of BAE Systems AB.[148]
On 6 April 2022, BAE Systems announced the establishment of BAE Systems Japan, a subsidiary located in Akasaka, Tokyo, Japan. The new company will provide comprehensive cooperation with Japanese industry and aims to strengthen relations with the Japanese Ministry of Defense and the Japan Self-Defense Forces.[149]
In late August 2023, BAE Systems announced that it had opened an office in Ukraine, and had signed an agreement for cooperation on the repair, spare parts, and production of L119 howitzers within Ukraine.[150]
On 4 January 2024, BAE Systems announced an initial agreement, potentially worth up to $50 million, to resume production of titanium structures for the M777 howitzer for the U.S. Army, with the first deliveries expected in 2025.[151]
BAE Systems' 2022 Annual Report listed the following as "significant" shareholders: Barclays 3.98%, BlackRock 9.90%, Capital Group Companies 14.18%, Invesco 4.97% and Silchester International Investors 3.01%.[2]
Organisation
BAE Systems has its head office and its registered office in City of Westminster, London.[152][153] In addition to its central London offices, it has an office in Farnborough, Hampshire, that houses functional specialists and support functions.[154]
Corporate governance
BAE Systems' chairman is Cressida Hogg, CBE. The executive directors are Charles Woodburn (CEO), Brad Greve and Tom Arsenault. The non-executive directors are Carolyn Fairbairn, Crystal E. Ashby, Elizabeth Corley, Chris Grigg, Ewan Kirk, Ian Tyler, Nicole Piasecki, Stephen Pearce, Jane Griffiths and Nick Anderson.[155]
The company's first CEO, John Weston, was forced to resign in 2002 in a boardroom "coup" and was replaced by Mike Turner.[156] The Business reported that Weston was ousted when non-executive directors informed the chairman that they had lost confidence in him. Further, it was suggested that at least one non-executive director was encouraged to make such a move by the MoD due to the increasingly fractious relationship between BAE Systems and the government.[157] As well as the terms of the Nimrod contract, Weston had fought against the MOD's insistence that one of the first three Type 45 destroyers should be built by VT Group. The Business said he considered this "competition-policy gone mad".[158]
It is understood that Turner had a poor working relationship with senior MoD officials, for example with former Defence Secretary Geoff Hoon. The first meeting between Oliver and Hoon was said to have gone well; a MoD official commented "He is a man we can do business with".[159] It has been suggested that relations between Turner and Olver were tense.[160] On 16 October 2007 the company announced that Mike Turner would retire in August 2008. The Times called his departure plans "abrupt" and a "shock", given previous statements that he wished to retire in 2013 at the age of 65.[161] Despite suggestions that BAE Systems would prefer an American CEO due to the increasing importance of the United States defence market to the company and the opportunity to make a clean break from corruption allegations and investigations related to the Al-Yamamah contracts, the company announced on 27 June 2008, that it had selected the company's chief operating officer, Ian King, to succeed Turner with effect from 1 September 2008. The Financial Times noted that King's career at Marconi distances him from the British Aerospace-led Al Yamamah project.[162]
Charles Woodburn succeeded Ian King as CEO on 1 July 2017. Woodburn joined BAE Systems in May 2016 as Chief Operating Officer and Executive Board Director following over 20 years' international experience in senior management positions in the oil and gas industry.[163]
Senior leadership
- Chairman: Cressida Hogg (since 2023)[155]
- Chief Executive: Charles Woodburn (since 2017)[155]
List of former chairmen
- Sir Richard Evans (1999–2004)[29]
- Sir Dick Olver (2004–2014)[39]
- Sir Roger Carr (2014-2023) [155]
List of former chief executives
- John Weston (1999–2002)[156]
- Michael Turner (2002–2008)[156]
- Ian King (2008–2017)[163]
Financial information
Financial information for the company is as follows:[2][85][87][164][165][166]
Year ended | Turnover (£ million) | Profit/(loss) before tax (£m) | Net profit/(loss) (£m) | EPS (p) |
---|---|---|---|---|
31 December 2023 | 23,078 | 2,326 | 1,940 | 61.3 |
31 December 2022 | 21,258 | 1,989 | 1,674 | 51.1 |
31 December 2021 | 19,521 | 2,110 | 1,912 | 55.2 |
31 December 2020 | 19,277 | 1,596 | 1,371 | 40.7 |
31 December 2019 | 18,305 | 1,626 | 1,532 | 46.4 |
31 December 2018 | 16,821 | 1,224 | 1,033 | 31.3 |
31 December 2017 | 18,322 | 1,134 | 884 | 26.8 |
31 December 2016 | 17,790 | 1,151 | 938 | 28.8 |
31 December 2015 | 17,904 | 1,090 | 943 | 29.0 |
31 December 2014 | 16,637 | 882 | 752 | 23.4 |
31 December 2013 | 18,180 | 422 | 176 | 5.2 |
31 December 2012 | 17,834 | 1,369 | 1,079 | 33.0 |
31 December 2011 | 19,154 | 1,466 | 1,256 | 36.9 |
31 December 2010 | 22,392 | 1,444 | 1,081 | 30.5 |
31 December 2009 | 22,415 | 282 | (45) | (1.9) |
31 December 2008 | 18,543 | 2,371 | 1,768 | 49.6 |
31 December 2007 | 15,710 | 1,477 | 1,177 | 26.0 |
31 December 2006 | 13,765 | 1,207 | 1,054 | 19.9 |
31 December 2005[a] | 12,581 | 909 | 761 | 13.9 |
31 December 2005 | 15,411 | 845 | 555 | 22.5 |
31 December 2004 | 13,222 | 730 | 3 | 17.4 |
31 December 2003[b] | 15,572 | 233 | 8 | 16.6 |
31 December 2002[b] | 12,145 | (616) | (686)[c] | 17.3 |
31 December 2001[b] | 13,138 | 70 | (128) | 23.4 |
31 December 2000[b] | 12,185 | 179 | (19) | 18.8 |
31 December 1999[b] | 8,929 | 459 | 328 | 29.4 |
- ^ Restated to exclude Airbus contributions. Included for comparison.
- ^ GAAP guidelines. Recent data prepared using International Financial Reporting Standards.
- ^ Reflects £750 million charges for problems with Nimrod MRA4 (£500 million) and Astute-class submarine (£250 million) programmes.
Corruption investigations
Serious Fraud Office
BAE Systems has been investigated by the
In September 2009, the SFO announced that it intended to prosecute BAE Systems for offences relating to overseas corruption.
Saudi Arabia
Both BAE Systems and its predecessor (BAe) have long been the subject of allegations of bribery in relation to its business in Saudi Arabia. The UK
A judicial review of the decision by the SFO to drop the investigation was granted on 9 November 2007.[187] On 10 April 2008 the High Court ruled that the SFO "acted unlawfully" by dropping its investigation.[188] The Times described the ruling as "one of the most strongly worded judicial attacks on government action" which condemned how "ministers 'buckled' to 'blatant threats' that Saudi cooperation in the fight against terror would end unless the ...investigation was dropped."[189] On 24 April the SFO was granted leave to appeal to the House of Lords against the ruling.[190] There was a two-day hearing before the Lords on 7 and 8 July 2008.[191] On 30 July the House of Lords unanimously overturned the High Court ruling, stating that the decision to discontinue the investigation was lawful.[192]
Others
In September 2005 The Guardian reported that banking records showed that BAE Systems paid £1 million to Augusto Pinochet, the former Chilean dictator.[193] The Guardian has also reported that "clandestine arms deals" have been under investigation in Chile and the UK since 2003 and that British Aerospace and BAE Systems made a number of payments to Pinochet advisers.[194]
BAE Systems is alleged to have paid "secret offshore commissions" of over £7 million to secure the sale of
BAE Systems ran into controversy in 2002 over the abnormally high cost of a radar system sold to
In January 2007, details of an investigation by the SFO into BAE Systems' sales tactics in regard to South Africa were reported, highlighting the £2.3 billion deal to supply Hawk trainers and Gripen fighters as suspect.[202] In May 2011, as allegations of bribery behind South Africa's Gripen procurement continued, the company's partner Saab AB issued strong denials of any illicit payments being made; however in June 2011 Saab announced that BAE Systems had made unaccounted payments of roughly $3.5 million to a consultant; this revelation prompted South African opposition parties to call for a renewed inquiry.[203][204] The Gripen's procurement by the Czech Republic was also under investigation by the SFO in 2006 over allegations of bribery.[205]
Criticism
Espionage
In September 2003 The Sunday Times reported that BAE Systems had hired a private security contractor to collect information about individuals working at CAAT and their activities.[206][207] In February 2007, it was reported that the corporation had again obtained private confidential information from CAAT.[208]
The company was reported in 2012 to have been the target of Chinese
Cluster bombs
In 2003, BAE Systems was criticised for its role in the production of
Saudi war in Yemen
Saudi Arabia is BAE's third biggest market.[213] The Independent reported that BAE-supplied aircraft were used to bomb Red Cross and MSF hospitals in Yemen."[214] Sir Roger Carr rejected criticism over BAE's continued work in Saudi Arabia, saying "We will stop doing it when they tell us to stop doing it... We maintain peace by having the ability to make war and that has stood the test of time."[215] BAE Systems sold weaponry worth £17.6 billion to Saudi Arabia during the Yemen war.[216]
Israel's war in Gaza
Political influence and donations
Former Foreign Secretary Robin Cook said of his time in office that he "came to learn that the chairman of BAE appeared to have the key to the garden door to number 10. Certainly I never knew No 10 to come up with any decision which would be incommoding to BAE."[218]
In the United States BAE Systems is a significant political donor to both Democratic and Republican candidates and organisations.
See also
References
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Further reading
- Hartley, Keith. The Political Economy of Aerospace Industries: A Key Driver of Growth and International Competitiveness? (Edward Elgar, 2014); 288 pages; the industry in Britain, continental Europe, and the US with a case study of BAE Systems.