BAE Gets ‘High Level’ of Interest for Platform Solutions Unit
BAE Systems Plc, Europe’s largest defense company, said the potential sale of its unit making components for aircraft and hybrid vehicles is generating “quite a high level of interest” among suitors.
The size of the bids received for platform solutions will determine whether BAE opts to sell the business or keep it, investor relations director Andy Wrathall said at a conference.
The sale process hasn’t yet reached the stage where a date for announcing a buyer can be forecast, Wrathall said. General Electric Co., Eaton Corp. and Honeywell International Inc. are among the bidders for platform solutions, as are several private equity firms, Reuters reported Nov. 8, citing people familiar with the process. The business is expected to fetch $2 billion, Reuters said.
Wrathall spoke at a Credit Suisse aerospace and defense conference in New York yesterday. Farnborough, England-based BAE spokeswoman Kate Watcham confirmed his comments by phone today.
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