An RAF Typhoon flies in formation with one of Qatar's current jets CREDIT: DEFENCE MINISTRY OF QATAR
Posted on 12/11/2017 9:15:39 AM PST by sukhoi-30mki
Defence group BAE Systems’ shares jumped in early trading as investors reacted to a long-awaited export sale of the company’s Typhoon jet fighters.
BAE shares rose almost 3pc after a £5bn sale of 24 of jets along with a training and support package to Gulf nation Qatar was announced on Sunday afternoon. BAE, Airbus and Italy's Leonardo each have a one-third share in the Typhoon programme.
The deal also threw a lifeline to BAE’s programme building the Hawk training jet - the aircraft flown by the Red Arrows - whose production line is running out of orders.
Qatar’s purchase also included an agreement for weapons manufacturer MBDA - which is jointly owned by BAE, Airbus and Leonardo - for Brimstone and Meteor missiles.
Combined, the aircraft, weapons, training and support is valued at about £6bn, according to the joint UK-Qatar announcement.
Charles Woodburn, chief executive of BAE, said: “We are delighted to begin a new chapter in the development of a long-term relationship with the State of Qatar and the Qatar Armed Forces, and we look forward to working alongside our customer as they continue to develop their military capability.”
Selling the aircraft to Qatar will “support thousands of British manufacturing jobs”, said Defence Secretary Gavin Williamson, who oversaw the signing to the agreement in Doha.
While the sale is the biggest export order for Typhoons in a decade, it comes too late for almost 2,000 BAE staff.
In October the company said it would be slashing almost 7pc of its headcount - mainly in its military air business, which makes Typhoons - to reduce costs and keep the jet’s production line running because of poor sales. Two years ago the company laid off several hundred staff and slowed the production rate as orders stalled.
(Excerpt) Read more at telegraph.co.uk ...
An RAF Typhoon flies in formation with one of Qatar's current jets CREDIT: DEFENCE MINISTRY OF QATAR
The French built Mirage 2000 in the background may be less capable than the the Typhoon, but it is certainly better looking, IMHO.
Ring ring!
“Hello?”
“This is the 1960s calling. We want our plane back!”
Brilliant. Sell jet fighters to the nation that funded and supplied ISIS and the syrian rebels.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.