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Australia picks UK's BAE Systems for $26 billion warship deal [CNN]

BAE SYSTEMS SPON AD (BAESY)  More Company Research Source: CNN
NASDAQ:AMEX Investor Relations: investors.baesystems.com
PDF Australia picks UK's BAE Systems for $26 billion warship deal British defense company BAE Systems has bagged a contract worth billions to build new warships for Australia. BAE ( BAESF ) beat out competition from Italy's Fincantieri and Spain's Navantia for the 35 billion Australian dollar ($26 billion) program to provide the new anti-submarine warfare frigates. The warships will be designed by BAE and built by Australian state-owned company ASC Shipbuilding. The program will create 4,000 jobs in Australia, according to the country's government. "The Future Frigates, named the Hunter class, will be built in Australia, by Australians, using Australian steel," it said in a statement Friday. During the program, ASC will become a subsidiary of BAE. The Australian government said the arrangement will ensure that BAE "is fully responsible and accountable for the delivery of the frigates" and that construction "will be carried out by Australian workers and create Australian jobs." The go [Read more]

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