France's GIAT Industries plans to sell its 92 percent stake in the ailing gun-maker FN Herstal to Belgium's Wallonia regional government, returning the company to Belgian ownership.
GIAT acquired FN--founded in 1889 and based in Walloon--in the early 1990s to expand into the global small arms market. According to a Reuters wire report, GIAT bought FN for about $100 million and over the years invested an additional $200 million in the military and civil gun maker without realizing a profit.
A GIAT spokeswoman yesterday told Defense Daily that the value of the deal would be disclosed only after the transaction is completed.
"We are now in negotiations with the …
GIAT acquired FN--founded in 1889 and based in Walloon--in the early 1990s to expand into the global small arms market. According to a Reuters wire report, GIAT bought FN for about $100 million and over the years invested an additional $200 million in the military and civil gun maker without realizing a profit.
A GIAT spokeswoman yesterday told Defense Daily that the value of the deal would be disclosed only after the transaction is completed.
"We are now in negotiations with the …
No comments:
Post a Comment