BAE makes the Eurofighter Typhoon in partnership with EADS and Alenia.
BAE Systems
No. 20
AT A GLANCE
Mike Turner, 57, CEO since 2002
Country: Britain
Sector: Aerospace and defense
Sales € 16 billion
Net Income € 851 million
BAE Systems is finally on target. Europe's largest defense contractor, a product of a 1999 merger between British Aerospace and Marconi Electronic Systems, struggled for years with cost overruns and reorganization expenses. But last year was a turning point. Tighter management yielded profits from ongoing projects while Chief Executive Mike Turner shelled out $4 billion to buy Arlington (Va.)-based United Defense, maker of the Bradley fighting vehicle.Mike Turner, 57, CEO since 2002
Country: Britain
Sector: Aerospace and defense
Sales € 16 billion
Net Income € 851 million
With defense spending stagnant in Europe, BAE is pinning its hopes on the Pentagon, which now accounts for about 40% of sales. In line with that strategy, Turner is further sharpening BAE's focus on defense. On June 8, BAE announced it had exercised an option to sell its 20% stake in commercial jet maker Airbus to the European Aeronautic Defence & Space Co., which owns 80% of Airbus. The sale could yield more than $5 billion—an ample warchest for more acquisitions.
—Carol Matlack Europe's BW50