Tenix has agreed to sell its defence businesses in their entirety to BAE Systems Australia, which is a subsidiary of BAE Systems Plc (BAES).

The sale of these defence businesses is subject to regulatory and other approvals, and is expected to be finalised during the first half of the 2008 calendar year.

BAES is a global defence and aerospace company delivering products and services for air, land and naval forces, as well as advanced electronics, information technology solutions and customer support services.

"BAES is one of the largest defence companies in the world with a record of innovation and leadership in the defence sector," said Tenix Chairman Paul Salteri.

"BAES's purchase of Tenix's defence businesses will position these operations for the future through access to enhanced R&D, expanded distribution networks and access to greater capital.

"BAES has the scale, the depth of production activities and the experience to achieve the objectives that we set at the start of this sale process of fostering international growth for Tenix's defence businesses.

"From a personal perspective, once completed, this sale will bring to an end my family's long association with the defence industry and I would like to thank all the men and women who have worked so hard for Tenix over the years and helped make these defence operations the great businesses they are.

"I wish Tenix's defence employees all the very best for what I expect to be a bright future," Mr Salteri said.

The sale process involving Tenix's infrastructure business is ongoing.

Force Protection
20.01.2008