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CEO: Thales To Book Nearly €1B on Egypt Deal

CEO: Thales To Book Nearly €1B on Egypt Deal

The French government’s recent €5.2 billion (US $5.9 billion) sale of arms to Egypt will bring in close to €1 billion to Thales, an “extra large” deal, Patrick Caine, chairman of the electronics company, said.

Thales’ share of the deal with Egypt is “not far from €1 billion,” he told a press conference on the company’s 2014 financial results. The company expects to seal further deals worth more than €500 million, he said.

Orders worth more than €500 million rank among the “extra large,” while “large” refers to those more than €100 million, he said.

On Feb. 16, Egypt signed orders for 24 Rafale combat jets, a multimission frigate and missiles worth a total of €5.2 billion.

Thales is not a prime contractor on the Egyptian deal but supplies systems on the Rafale and the frigate, and holds contracts with missile maker MBDA and with DCNS on the torpedo, Caine said.

Another defense order for equipment and service worth hundreds of millions of euros has landed from Lebanon, for which the first payment just arrived, Caine said.

Lebanon has ordered armored vehicles, patrol boats, combat helicopters, ammunition and communication systems, and will receive training from the French services, the French Defense Ministry said in a Feb. 25 statement.

Saudi Arabia is funding the $3 billion deal agreed with Beirut and Paris last year, aimed at re-equipping the Lebanese forces, the ministry said.

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Source:: Oceans

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