British defense contractor BAE Systems is putting up for sale its U.S. defense contracting business for around 1.3 billion pounds (US$2 billion) as the defense industry gears up for fewer contracts and smaller revenues due to defense budget cuts.
BAE’s U.S. business is responsible for making certain aviation electronics and communications equipment, and the company has hired JP Morgan to handle the sale. BAE gets roughly half of its revenues from its U.S. defense contractor, and is the maker of Harrier and Tornado fighter jets.
