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British Aerospace (BAe) was a UK Aircraft and defence systems manufacturer, now part of BAE Systems . HISTORY The company was formed as a statutory corporation on April 29 , 1977 as a result the Aircraft And Shipbuilding Industries Act . This called for the nationalisation and merger of the British Aircraft Corporation , Hawker Siddeley Aviation , Hawker Siddeley Dynamics and Scottish Aviation . In 1979 BAe officially joined Airbus , the UK having previously withdrawn support for the consortium in April 1969. In accordance with the provisions of the British Aerospace Act 1980 the statutory corporation was changed to a Plc , British Aerospace Public Limited Company, on January 1 1981. On February 4 1981 the government sold 51.57% of its shares. The British Government sold its remaining shares in 1985, maintaining a £1 Golden Share which allows it veto foreign control of the board or company. BAe was the UK's largest exporter, a Competition Commission report gives a ten-year aggregate figure of £45 billion, with defence sales accounting for approximately 80%. Competition Commission (1995) British Aerospace Public Limited Company and VSEL Plc: A report on the proposed merger p. 28 On September 26 1985 , the UK and Saudi Arabia n governments signed the Al Yamamah contract, with BAe as prime contractor. The contracts, extended in the 1990s and never fully detailed, involved the supply of Tornado strike and air defence aircraft, Hawk trainer jets, Rapier Missile systems, infrastructure works and naval vessels. The Al Yamamah deals are valued at anything up to £20 billion and still continue to provide a large percentage of BAE Systems' profits. Losses and restructuring |
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