Commercial sales-- cool
VSE Forms International Sales Subsidiary for Direct Commercial Sales
ALEXANDRIA, Va., Oct. 8 /PRNewswire/ -- VSE Corporation (Nasdaq: VSEC) (VSE) reported today that it has formed a new business unit, VSE Services International, Inc. (VSI), to provide engineering and technical support services and products to friendly foreign governments and their authorized suppliers.
Jim Knowlton, VSE's President and Chief Operating Officer, said that VSI was created in response to requests by foreign customers seeking a broad range of technical services. "VSI complements and expands on the work provided by the company's other international business unit, the BAV Division. BAV provides engineering, technical and logistic support services associated with the sale, lease, or transfer of Navy ships to foreign governments. BAV's contract is with the U.S. Navy, and it works through foreign military sales (FMS) cases managed by the NAVSEA Security Assistance Program Office. Recent BAV customers under the NAVSEA program include Argentina, Bahrain, Egypt, Greece, Italy, Japan, Korea, New Zealand, Mexico, Malaysia, Portugal, Saudi Arabia, and Turkey." BAV recorded revenues of approximately $93 million in 1998.
John Morse, VSI's Vice President and General Manager, said that VSI completed its first sale of marine equipment to Singapore in September 1999. "Unlike BAV, VSI contracts directly with foreign governments and authorized suppliers." To date, VSI has submitted bids responding to military and commercial proposals issued by several countries including Japan and Turkey. "Based on the level of interest we have observed to date, we expect VSI operations to achieve significant sales beginning in 2000," said Mr. Morse. |
