BAE seeks buyer for Platform Solutions

13th Sep 2010 07:28

BAE Systems has confirmed two parts of its commercial aerospace are up for sale to raise up to $2bn for the weapons group."BAE Systems confirms that it has engaged Wells Fargo and JP Morgan to advise on strategic options with regard to the Platform Solutions business, including a possible sale. There can be no certainty that any transaction with respect to the Platform Solutions business will occur," it said.Platform Solutions consists of a business that builds hybrid propulsion systems and an aircraft engine controls maker. The firm is said to want to sell the businesses together, but may dispose of them separately if a single bidder cannot be found, reports today suggested. BAE, which announced more job reductions last week, has been slimming down its business portfolio for a number of years. Its employee numbers have tumbled from 111,000 at the start of the decade to under 40,000 currently.