Aerospace sector agrees central procurement hub

NEWS The aerospace companies behind the recently created aerospace and defence global trading exchange have reached a definitive agreement and will begin trading in September under the name Exostar SM. The deal, announced earlier this year, links BAE systems, Boeing, Lockheed Martin and Raytheon with Commerce One in an electronic marketplace that will streamline the procurement of all manufacturing and business services. Exostar SM's website, activated this week, will become the site for all transactions when the exchange becomes operational. The four companies have yearly procurement budgets totaling $70bn, with annual sales in the industry totaling $440bn.