Louis Gallois, CEO of EADS, stated: “This acquisition perfectly fits EADS’ Vision 2020 strategy, increasing services, strengthening the helicopter business, international and more specifically North American exposure while keeping a good balance between military and civil activities. It is also an excellent investment opportunity for Eurocopter, as Vector Aerospace has proven resilient and profitable growth. EADS sees in this acquisition a potential for synergies and value creation for our shareholders.”
The acquisition of Vector Aerospace is a major step towards expanding Eurocopter’s Support and Services footprint into new areas, such as the maintenance of engines and non-Eurocopter products. According to Lutz Bertling, CEO of Eurocopter Holding, “This opportunity will provide the Eurocopter group with a high-level of expertise, especially in public-private partnerships for the maintenance on governmental aircraft. The complementary nature of our worldwide network of subsidiaries and Vector Aerospace’s own network will enable us to develop our activities jointly, both faster and more efficiently. Vector Aerospace will be managed as an independent multi-customer platform MRO.”
Declan O’Shea, CEO of Vector Aerospace, stated: “We are delighted to join EADS and Eurocopter. We believe that being part of the Eurocopter group will allow Vector Aerospace and our people to pursue our long history of profitable growth and excellent levels of quality and customer service. Vector Aerospace’s business will be complementary to Eurocopter’s services activities, in serving multi-customer platforms.”
Completion of the Offer is subject to usual and customary conditions including, but not limited to, a minimum of 66?% of the Common Shares of Vector Aerospace being tendered to the Offer, as well as the obtaining of regulatory approvals. A take-over bid circular in connection with the Offer will be mailed to Vector Aerospace shareholders shortly.
Under the Support Agreement, Vector Aerospace has agreed that it will not solicit or initiate any discussions concerning the pursuit of any other acquisition proposals. Vector Aerospace has also agreed to pay a termination fee of C$ 12.5 million to Eurocopter in certain circumstances. In addition, Eurocopter has the right to match any competing superior proposal for Vector Aerospace in the event any such proposal is made.
About Vector Aerospace Vector Aerospace is an independent provider of aviation repairs and overhaul services. Through facilities in Canada, the United States, the United Kingdom and Africa Vector Aerospace provides services to commercial and military customers for various types of gas turbine engines, components and helicopter airframes. Principal operations include Vector Aerospace Helicopter Services Inc. – North America, Vector Aerospace International Limited – UK, Vector Aerospace Engine Services– Atlantic Inc. – North America and Vector Aerospace Engine Services (UK) Limited – UK. Vector Aerospace., had a revenue contribution of C$ 545 million in 2010, and approximately 2,500 employees.
About EADS EADS is a global leader in aerospace, defense and related services. In 2010, the Group – comprising Airbus, Astrium, Cassidian and Eurocopter – generated revenues of € 45.8 billion and employed a workforce of more than 121,000.
About Eurocopter Holding and Eurocopter Eurocopter Holding is the parent company of Eurocopter. Established in 1992, the Franco-German-Spanish Eurocopter is a division of EADS. The Eurocopter group employs approximately 17,500 people. In 2010, Eurocopter is a global leader in the manufacturing and sale of helicopters, with a turnover of 4.8 billion euros. There are 11,200 Eurocopter helicopters currently in service with nearly 2,900 customers in 147 countries.
Specific Note Regarding EADS N.V. Forward Looking Statements This news release may contain certain information that constitutes forward looking information within the meaning of applicable securities laws. These statements are based on EADS’ and Eurocopter Holding’s current expectations, estimates, forecasts and projections related to the operating environment, economies and markets in which EADS and Eurocopter operate; their financial condition and their general business. By their very nature, forward-looking statements are based on certain factors and assumptions and are subject to important risks and uncertainties. The forward-looking statements herein may differ materially from actual results or events. While EADS and Eurocopter Holding consider the assumptions on which these statements are made to be reasonable, based on information currently available to it, they may prove to be incorrect and readers are cautioned, therefore, not to place undue reliance on these statements as a number of important factors could cause actual results to differ materially from those expressed in such forward-looking statements.
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