BAE Systems to Focus on Foreign Markets for Growth in 2013; Ian King Comments

BAElogoBAE Systems generated more profit than projected in 2012 and is providing investors with a dividend boost and a $1.5 billion share buyback plan, according to Reuters UK.

“There are a lot of green shoots in this organisation which provides you with confidence that resilience is there and that’s another reason why we have confidence in the company to do a share buy back,” CEO Ian King said.

King added that BAE is slashing costs and increasing overseas sales because of the “constrained” environment in the U.S. and Britain.

Reuters reports that BAE’s overseas sales rose from $7.3 billion to $17 billion over four years.

The U.K.’s largest defense contractor is also reportedly pursuing business in the Middle East and India and is currently negotiating pricing with Saudi Arabia concerning a Typhoon aircraft contract.

Ian King

Ian King

King added that BAE expects a maximum of $1.5 billion in reduced revenue this year if sequestration pushes through.

He also said that BAE has not resumed talks with EADS to move forward with the collapsed merger plan last year.

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