BAE Systems signed a definitive agreement to sell its Flight Systems business, located in Mojave, California, to Calspan Corporation.
The cash purchase price is $62.5 million plus an additional consideration to be paid pursuant to an earn-out mechanism by reference to the revenues of the business over the next five years. The transaction is subject to the receipt of regulatory approvals and to the receipt of financing by Calspan. Flight Systems, with approximately 170 employees, performs aircraft modification, aircraft operations, flight tests, and aerial full-scale targets production for military and commercial customers.
Flight Systems also has operations in Florida and Germany. The Mojave site is certified by the Federal Aviation Administration for aircraft modifications and service life extensions.
