BAE Systems plc is a British multinational defence, security and aerospace company headquartered in London, United Kingdom, that has global interests, particularly in North America through its subsidiary BAE Systems Inc. BAE is among the world's largest military contractors; in 2009 it was the second-largest based on revenues. It was formed on 30 November 1999 by the£7.7 billion merger of two British companies, Marconi Electronic Systems (MES), the defence electronics and naval shipbuilding subsidiary of the General Electric Company plc (GEC), and aircraft, munitions and naval systems manufacturer British Aerospace(BAe).
BAE Systems is the successor to various aircraft and defence electronics companies, including The Marconi Company, the first commercial company devoted to the development and use of radio; A.V. Roe and Company, one of the world's first aircraft companies;de Havilland, manufacturer of the world's first commercial jet airliner; British Aircraft Corporation, co-manufacturer of the Concorde supersonic transport; and Supermarine, manufacturer of the Spitfire. Since its formation it has sold its shares in Airbus, Astrium, AMS and Atlas Elektronik, and made a number of acquisitions, most notably United Defense and Armor Holdings of the United States.
BAE Systems is involved in several major defence projects, including the F-35 Lightning II, the Eurofighter Typhoon, the Astute-classsubmarine and the Queen Elizabeth-class aircraft carriers. The company has been the subject of criticism, in terms of general opposition to the arms trade and particularly specific allegations of unethical and corrupt practices, including Saudi Arabian Al Yamamah contracts with BAE and its predecessor. In 2010, BAE Systems agreed to pay £286 million in criminal fines to the Serious Fraud Office and the US Department of Justice.
BAE Systems is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
