Boeing, Lockheed Martin In Separate Bids For Korea Aerospace Industries Stake

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Boeing, Lockheed Martin In Separate Bids For Korea Aerospace Industries Stake

Boeing and BAE Systems Plc have jointly submitted a bid to buy a third of Korea Aerospace Industries Co. (KAI). KAI is a joint venture established by Daewoo Heavy Industries, Samsung Aerospace and Hyundai Space and Aircraft in October 1999. KAI has total assets of almost US$1 billion U.S. (1.05 trillion won) and expects to attract about US$182 million (200 billion won) of foreign investment. A consortium of Lockheed Martin Corp., Aerospatiale Matra and Dassault Aviation SA, called Global Alliance, have reportedly also submitted a bid. KAI plans to narrow the number of preferential negotiators to one next month.

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May 1, 2000