NEWTOWN, Conn. - In more bad news for Greece, Cassidian is liquidating EADS 3 Sigma, the Greek manufacturer of aerial target drones. All work has ceased at the company's facility in Chania.
3 Sigma was founded in 1987 and fully acquired by EADS in 2010. The company's focus was on providing aerial targets and other support to the NATO Missile Firing Installation (NAMFI) on Crete. EADS 3 Sigma was already seeing a drop in business when Greek defense spending began to spiral downward. With no prospect of recovery, Cassidian has decided to close down the company, according to Greek press reports.
Greek newspapers say the problems at 3 Sigma began a few years ago with a dispute between workers and EADS. These reports say rumors of a potential closure began to circulate in 2009 despite wage concessions by the workers. About 50 people are employed at 3 Sigma. The company's product line included the Iris, Alkyon, and Perseas aerial target drones, as well as the Septar seaborne target series. Production of these targets has ended.
There is grumbling in Greece that Cassidian is shutting down 3 Sigma to boost the market prospects of an alternative line of aerial targets, the Direct Target family, which is built in Germany.
Source: Forecast Intelligence Center
Associated URL:
http://www.forecastinternational.com
Author: L. Dickerson, Unmanned Vehicles
