Charles Woodburn

British military equipment maker BAE Systems announced yesterday that it had agreed to buy U.S. company Ball Aerospace from the Ball Corporation for about $5.55 billion.

BAE said it hoped to complete the acquisition of the aerospace firm in the first half of 2024, with an anticipated tax credit taking the "underlying economic consideration for the business" to $4.8 billion.

British military equipment maker BAE Systems yesterday announced a 57 percent jump in net profits for the first half of this year as government defense spending increases amid the war in Ukraine.

Profit after tax increased to 965 million pounds ($1.2 billion) in the six months to the end of June compared with 615 million pounds in the first half of last year, BAE said in a statement.

BAE Systems delivered yesterday an optimistic outlook on government defense spending, in particular by the new U.S. administration led by President Donald Trump.