United Defense Industries, Inc., by United Defense Industrie

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United Defense Industries, Inc., by United Defense Industrie

Postby admin » Wed Nov 08, 2017 8:09 am

United Defense Industries, Inc.
by United Defense Industries, Inc.

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UNITED DEFENSE INDUSTRIES, INC.

United Defense Industries, Inc., 1525 Wilson Blvd., Ste. 700, Arlington, VA 22209, Phone: 703-312-6100, Fax: 703-312-6148

Need to storm the beach? United Defense Industries has been manufacturing amphibious landing craft and tanks since WWII. The company makes combat vehicles (the Bradley armored infantry vehicle), fire support equipment (self-propelled howitzers), combat support vehicles, weapons delivery systems (missile launchers, artillery systems), and amphibious assault vehicles for the US military (about 70% of sales) and its allies. United Defense Industries -- which was bought by The Carlyle Group in 1997 before going public in December 2001 -- has a board of directors that includes former Secretary of Defense Frank Carlucci and John M. Shalikashvili, former Chairman of the Joint Chiefs of Staff.
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Re: United Defense Industries, Inc.,by United Defense Indust

Postby admin » Wed Nov 08, 2017 8:12 am

United Defense to Acquire Unit of Carlyle That Was Set for IPO
by Anne Marie Squeo
The Wall Street Journal
5/29/02

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Carlyle Group pulled the plug on a planned initial public offering of its United States Marine Repair Inc. subsidiary, deciding instead to sell the ship repair company to United Defense Industries, Inc., a publicly traded company in which Carlyle owns a 49% stake.

United Defense said it agreed to pay $316 million to acquire United States Marine Repair, which performs upgrades and overhauls on ships for the U.S. Navy. United Defense officials said the acquisition "balances and diversifies" the company's portfolio and "expands our mission to support the U.S. Navy."

The move comes as United Defense struggles to deal with the financial impact of the Pentagon's decision to cancel the Army's Crusader howitzer program. United Defense, Arlington, Va., is the lead contractor on that program, which provided 20% of the company's revenue for the nine months ended Sept. 30 and was estimated by analysts to provide at least 25% of the company's total revenue in coming years.

In 2001, United Defense's revenue totaled $1.32 billion and about 55% of that came from Army programs. For the 12 months ended March 31, United States Marine Repair had $12.3 million in net income on $431.7 million in revenue.

Acquiring the Navy repair firm will help United Defense blunt some of its reliance on the Army and on the Crusader in particular. But the timeliness and price of the deal, and the ownership interest in both companies by Carlyle Group, raised questions and eyebrows among Wall Street bankers and analysts. Carlyle is a privately held Washington investment concern with extensive holdings in defense-related companies.

"Up until this press release, the underwriting team thought they were taking United States Marine Repair public, said one person with knowledge of the situation.

United States Marine Repair, Norfolk, Va., was to be the latest in a string of smaller military-related companies going public at a time when defense stocks are trading high on increased Pentagon spending. Carlyle registered with the Securities and Exchange Commission in March to take United States Marine Repair public.

In April, the stock offering was tentatively priced at about $16 a share. That would have raised about $170 million for Carlyle, though analysts said the newly issued stock would have valued all of the marine repair company at about $325 million, slightly more than what United Defense is paying for it.

United Defense officials said they initiated acquisition discussions with United States Marine Repair back in March and played down any potential conflicts of interest related to both companies' relationship with Carlyle Group.

A Carlyle spokesman said the sale to United Defense "strengthens both companies, which benefits their employees, military and their investors." United Defense General Counsel David Kolovat said a special process set up to ensure fairness excludes Carlyle representatives on both companies' boards from involvement in the negotiations. Merrill Lynch & Co. has been retained to conduct an independent review of the proposed transaction.

United Defense shares were up 34 cents at $23.59 in 4 p.m. New York Stock Exchange composite trading.
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Re: United Defense Industries, Inc.,by United Defense Indust

Postby admin » Wed Nov 08, 2017 8:13 am

United Defense to Make Debut in IPO Market: Offer Marks the First One in Public Defense Firm in the Past Five Years
by Kate Kelly
Wall Street Journal
December 14, 2001

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For the first time in five years, investors will be offered the chance to buy shares in a new publicly held defense company.

Shares of United Defense Industries Inc., an Arlington, Va., manufacturer of guns, armored vehicles, and other military equipment, begins trading today on the New York Stock Exchange under the ticker symbol UDI. The offering, which is slated to raise about $400 million, is a partial spinoff from the large private equity firm Carlyle Group. After today's offering, Carlyle will retain a majority of UDI's stock as well as substantial power over the company's board

The company's stock priced Wednesday evening at $19, the midpoint of the intended $18 to $20 price range, UDI plans to use the proceeds of the deal to repay bank debt.

In its offering today, UDI joins the largest group of IPOs to come public in a week since last October, suggesting that investors may be warming up to the new-issue market again. By late yesterday, the day's three IPOs, Prudential Financial Inc., Nassda Corp., and Centene Corp., had all managed considerable gains.

That a company like UDI would elect to go public this fall isn't surprising, given the events of Sept. 11 and the subsequent fighting in Afghanistan. Carlyle, which tends to hold acquisitions like UDI for three to five years, had considered a range of options, from selling the company outright to undertaking the IPO, said Allan Holt, a Carlyle partner who focuses on defense an aerospace investments. "The decision was made in the fall to go out, because you go out when the market's the best, and the market's good right now for defense companies," said Mr. Holt.
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