BAE Systems Stock Sale Passes US Regulatory Review
In April, 2005, BAE Systems plc completed a sale of shares in BAE Systems Avionics Limited (now renamed SELEX Sensors and Airborne Systems Limited) to an affiliate of Finmeccanica SpA.
Following the sale, the United States Department of State requested information from BAE Systems plc in order to assess compliance with U.S. export control obligations in connection with the sale. BAE Systems plc assured the Department of State regarding the company's commitment to compliance in all respects with U.S. export control requirements.
We are pleased that the Department of State has advised that its review has been completed with a finding that no action is appropriate.
BAE Systems plc remains committed to full compliance with all export control obligations and looks forward to continued success in performance of its contracts with U.S. partners and customers.
BAE Systems is the premier transatlantic defence and aerospace company delivering a full range of products and services for air, land and naval forces, as well as advanced electronics, information technology solutions and customer support services. With 88,000 employees worldwide, BAE Systems' sales exceeded 12 billion pounds (US22 billion dollars) in 2005, excluding the Group's former interest in Airbus.
BAE Systems Completes Regulatory Review of Stock Sale