<<

Charles River Associates Aerospace & Defense Mergers & Acquisitions Map (January 1993 – December 2010)

ATK BAE Systems EADS Finmeccanica General Dynamics General Electric Goodrich Honeywell L-3 Communications Raytheon Rockwell Collins Rolls-Royce Safran Thales United Technologies $4B $19B $50B $4B $12B $14B $28B $574B $12B $46B $12B $27B $21B $17B $9B $16B $16B $8B $2B $81B Summit CDM Technologies RVision Jena-Optronik CenGen Trusted Computer Solutions Harvard Custom Aeronautics Decrane Cabin Management Enterprise Integration Blue Ridge Simulation Thales Alenia Space Legend 2 OASYS Technology Group Manufacturing Antwerp to 2 Container Solutions to 3Di Technologies to Veritas Technology Associates Rocky River Holdings Regency IT Airborne OHB Technology Enterprise Value at EOY 2010 0 Atlantic Marine Argon ST Satori SAS Murcia Plant to Expal Technologies Transmag Power Extec Integrated Lifeport 0 Kylmar Systems Systems Dasell Cabin to Diehl Nammo Security to Sperian Protection Messier-Bugatti-Tracer 1 Europea EBV Explosives Crompton Technology GE Security 1 Blackhawk Industries Demil Genesis Lease United Technologies Insight Technology Europea Microfusioni Cinch Connectors Dasell Cabin Lasertel Microfusioni Environmental Aerospaziali 0 Aviospace Aerospaziali Company Spacecraft Development Compucat Research to Bel Fuse 0 Safelife Enginyeria i Trig-Tek Naverus Fotogrametria & Mfg. to Orbital Sciences Global Aeronautica stake Global Aeronautica Gyrocam Systems TASC to General Air Routing International Optics 1 Scytale Xerion 2 BVT Surface Fleet Corporate stake to Boeing Axsys Technologies Atlantic Intertial Systems Atlantic & KKR GST 2 Jet Centre Soneticom Vought Aircraft K Services Aviation Systems BBN Technologies Avalon 0 Industries 787 facility product line to Moog Swift Engineering Systems 0 Advanced Ceramics Times Microwave IMS Strategic Support KillerBee product line 0 Research eXMeritus Argotek DataPath Tisys 0 Systems to Amphenol Cloud Cap Technology Detection Logic Area = Acquisition value or Eagle Industries Unlimited M/A-COM Technology M/A-COM product line Airbus Filton Unison Aircraft Parts Chesapeake Sciences Motorola biometrics business 9 Digital Receiver facility to GKN Universal Systems & Technology Fire Protection 9 trailing-year revenues Federated Technologies Solutions Surrey Satellite to TransDigm Radmon Tenix Defence AxleTech Descam Consulting Chubb New Zealand to Software Group Kestrel Enterprises Global Microwave Technology International Resources Group 3001 Systems DRS Technologies nCipher Weed ISS Facilities Services ARDE Detica Group Tapestry Solutions Jet Aviation Consumables Solutions to Aculight SEOS Techspace Aero military MRO Nationality Primary/Secondary Sector(s) 2 M/A-COM Airbus Laupheim REVIMA to Medical Education Barco Maritime Instrument Techspace Aero military MRO 2 IST Dynamics United Technologies Unison ignition product Bourns Recon/Optical B/E Aerospace Intelligent RLM Holdings Telemus Solutions to United Technologies AudioSoft Company facility to line to TransDigm Technologies to management GA International Electronics Nantero Government Safety & REVIMA 0 Insitu Diehl/Thales HLTH ViPS Automation ProLogic 0 France MTC Technologies SPARTA Graytronics MSS Security Aircraft TEAC Aerospace Northrop Grumman AeroText to SI Government Solutions Athena Technologies Magneto-Inductive Group to SIS India 0 Centigon International Sensors & Antenna MMI Research Datalynx to Universal Rocket Software Eagle Group Thales Computers 0 Ocean Systems PlantCML VEGA Group CoVi Technologies Electro-Optical Systems International Harris Acoustic Systems to Carat Duchatelet Holdings Systems to Cobham RavenWing BAE Sensors & Space Network Electro-Optical Systems to L-3 to Kontron Products Microtecnica to 8 Antenna Systems Integrated Defense Systems Skyline Industries HSA Systems Sagem Securite Electronic Stirling Square Capital 8 Communications/Electronics S-TEC Auspace to Nova Aerospace Germany Petards surveillance software McAlpine Compass Computer PercepTek Sarcos Research Payment Business to Ingenico BCF Designs Invensys Firex Safety Regional Aircraft Training to Pitch Technologies Mediaware International Sentel Corp to Maxon Services to Sensei Enterprises Atkins & Partners Monteria Initial Sécurité 2 GCAT Flight Academy Walter Engines Aviation Technical private investors Hand Held Productions Flight Options to Oakley Networks 2 Federal IT/Tech Services Patriot Antenna SELEX Sensors Services to Macquarie 3Dsolve Scaled Composites HIG Capital Seaworthy Systems Rentokil Initial Swales Aerospace Inertial Products Armor Dimensions International AMSEC naval programs Robonic Telemus CritiCom 0 Holdings Systems and Airborne Turbomecania Information Technology Electronic Security 0 to JF Lehman Systems stake American Ordnance Smiths Global Communications Commercial Communications & Applications Optronics beryllium 0 Sogerma Services to Day & Zimmerman Aerospace Combustor Products Richardson Burtek RLM Systems Products to Avanex 0 Land & Security Systems Solutions mirrors to GSI Group Telematics to SFS Fire Services Keystone aircraft maintenance to WECO Aerospace Systems Cybit Holdings Precision Engine Controls Flight Services 7 SELEX Sensors and Airborne C-Map TAT Sabena Technics MJ Harden to GeoEye Management Systems to Seacor 7 Chelton Applied SNC Technologies Lockheed Khrunichev Essex Raytheon Aircraft to PZL-Mielec Aircraft Systems stake to Finmeccanica Composites Geneva Aerospace Designers Onex/GS Capital Alcatel transport & Marine TAMIS products Les Ulis naval and Energia to Space Transport IP Unwired EADS Les Ulis security assets Page Group National Sensor Systems Airbus ADI Limited WFEL to Dunedin 2 to Rannoch ground to Safran Radstone Technology Nova Engineering Pacific Architects and Engineers naval and ground SVS 2 Aviall Drager Aerospace Selected business Winchester Electronics Capital Partners Other Missiles/Launchers First Technology Safety & TRL Electronics Rockwell Scientific Anzus 0 Atlas Elektronik to Get Electronique Dynamic Chamberlain Mfg units to Alion Crestview Aerospace Savi Technology to Audax Group to Teledyne Thales Navigation to Winfrith Safety 0 Domo SBS Technologies Analysis to HgCapital Nautronix Defence SAIC Data Systems Shah Capital Partners EADS ThyssenKrupp Slingsby Aviation Process (Scranton) SSG Precision Optronics Virtual Technology & Solutions stake Systems 0 Atlas Composites Sofrelog Anteon Condor Engineering Magnet-Motor 0 Divestiture Lithium Ion Battery Carmen Systems Wallop Defense Systems Solutions CyTerra ISX Evans & Sutherland simulation Aerostructures to Precision Antennas Datamat Ingegneria Interstar Technologies 6 business to EnerSys IFR dei Sistemi Advanced System Architectures SafeView 6 Spirit AeroSystems Aerodata Flight Inspection FR Countermeasures Indalex Aluminum Solutions SAM Electronics TCS Design and Management Services Aspen Systems Houston Associates Keystone Ranger Holdings Arnprior facility Flight Precision Dutch Space FC Business Systems to Sun Capital Partners HMT Polyflex Aerospace Fluid & Air product line Sensors Unlimited EOTech Applied Signal Boeing to Consolidated Tracstar DNA Computing Solutions Coherent Technologies TDA Armament Industries Talon Instruments Itronix Titan and Image Technology Confluent RF Systems SMA stake Rocketdyne 2 Alan Cobham Engineering Stanley Harrison UTD 2 Aeroframe Services to Tadpole Computer ESSER Fire Alarm to DEF Joseph Sheairs Sonoma Design Group High Tech Optics 0 United Military and H. Koch & Sons Microwave Development BAE Systems Military Associates INSYS Group Audiopack 0 Rocketdyne Linden Street Capital C4 Systems Interactive to JcAIR Test Systems Mobile-Vision Teldix to to Candover Defense secure comms to United Technologies Vector Fields Avery Hardoll to and Secure Communications MAYA Viz KoolConnect Technologies Teldix Technologies Area = enterprise value in billions 0 to Finmeccanica On Demand Edwards Systems Turkish Aerospace to Aeroflex CAE Marine InfraredVision Technology SYTEX Group Rockwell Collins Sagem Snecma Investments 0 Mfg to RMB REMEC Defense Label AMS Air Controls Wichita/Tulsa facilities to Onex and Space Airborne Electronic Propulsion Systems to L-3 Technology Industries stake to Novar Boeing Electron Dynamic Devices Lenel Systems UK portion of AMS Products Mastsystem International Oy Nokia Professional Traffic Mgmt Systems to Astronics Horizon Aerospace 5 WA Systems Aircraft Parts Turkish Aircraft Industries General Dynamics Propulsion Systems Integic 5 Alphatech TCRMA Mobile Radio business AMS Italian operations STASYS Electron Dynamic CTM Aeronautics & Transportation BAI Aerosystems Sarnoff Video Security Sippican Commercial Infrared to L-3 Devices to L-3 FR HiTemp Aeronautics Services Panametrics Space InVision Technologies Cincinnati Electronics Astrolink PSI Group DigitalNet Boeing Commercial GKN AgustaWestland stake Testing to Calspan Pyramid Vision Video Security Navigation & Space 2 Spectronic Temex Diodes to Wyle Labs Instrumentations to Sensors Canada to L-3 Gespac Integration Schweizer Aircraft 2 Alvis Electronics to BAE Denmark Racal Instruments Assurance Technology Raytheon Commercial Infrared Comsat General TriPoint Global Engineering Technology Genesis Cable Systems to Intelsat Photon Research Associates Solid rockets 0 STI Government D.P. Associates Northrop Grumman Acoustics to Videcom to Aerojet CTA 0 Mission Practical Imagineering Frontier Systems Garrett Aviation Services Navigation and Space Systems DTC Communications Spectrum Astro Avisys e-Software JF Lehman DNE Systems 0 Research Fin actuation to NEC Aero Centers to Carlyle Group Security Monitoring to Sensors Canada 0 Maridan United Technologies Precision Antennas GTCR Golder Rauner Brashear Kester to Pentar Avionics Westwind American Capital Gear Systems Arisem 4 Digital Cinema Sierracin’s Harrison Group Beamhit to Triumph BAE Systems 4 Examples Ocean Systems to Aerosynergies Air Bearings Agfa non-destructive RF Components to Aerial Targets to NLX ARNAV Systems Ultra Electronics to AccessIT Division (Stanley Harrison) testing business Vertex Aerospace Illgen Simula Ocean Systems fin actuation Corinth facility Nauticast ERA Technology Steyr Spezialfahrzeug Fairchild Semiconductor Composite Engineering from BAE Systems $20B Digital System Resources Silent Witness Celerity Systems to Aeroflex ACS federal Helitech Aerospace Allied Aerospace to Snecma Sea Tel TransAustralian Air MJ Harden Ipicom Ipitek Commercial Boeing Corinth facility Services 2 STN Atlas Datron IMCO OYO Klein Associates SciTec to mgmt VT Controls 2 GASL/Micro Craft Thales Antennas Litton Life Support Forezio Aermacchi stake ADS to Raytheon Solutions to ACS Poly-Scientific to Moog Radamec Defence 0 Naval Systems stake Astrium Bombardier Military Life Support to Cobham Systems 0 Drager Aerospace Novatech Designs Veridian SI Pressure Instruments Antennas Chubb dB Systems Aviation Services XonTech Honeywell ADS Australia to Cobham SML Technologies 1 0 Piper Group APTI Atlas Composites The Gamewell Co. Aeromet Orincon 0 $10 Billion Composite Optics Xybion Sensor Marconi OTE Creative Technology Avionics Systems to L-3 Automotive to Blackstone Group MEVATEC Spokane facility Goodrich Avionics Systems Leica Vectronix Land and Aircraft 9 3 Conquest Positioning Systems GM Defense Baker Electronics 3 Heckler & Koch to mgmt Land Comms to Cobham to Triumph Ramix World Systems VEAM/TEC to ITT Germany Simmons Outdoor to BAE Land Comms Orion Electronics Paradigm Secure Ship Analytics CDTI to Intelsat Solipsys Aeronautical 9 Meade Instruments Space Propulsion to Aerojet Turbine Clearance Control Wescam Fibersense Technology Vickers Defence Services to SAS 4Q 1997 Condor Pacific Applied Composites Communications Marconi Strategic Communications Advanced Circuits to TTM International JPS Communications Advanced Systems Flight Safety Ion Track product line to Meggitt Microwave Electron Devices & Displays Systems to Alvis 7 2 Corbett Technologies Eisenwerke Airshow CMC Electronics 2 Science & Gaithersburg to IDT Boeing Mora Aerospace Westwood Comsat to Electron Devices & Displays to L-3 Applied Technology Kaiserlautern Command TMA World Data Motion Controls & Sonar Kaiser Fluid Military Communications 0 EW Passive Expendables System Kilsen Com-Cept TRW Rzeszow 0 Avionics to Meggitt Ordnance to ATK Telespazio TRW Aeronautical Systems Canada to Wescan Technologies to 0 to Esterline Coefi Aerotech Tubetronics Chadwick-Helmuth Raytheon Aircraft Aeronautical AIS to L-3 Tactair Fluid Controls 0 1 Boeing Ordnance Aerolec Advanced Technical Products Integration Comsat Mobile Systems to Snecma Sabena Entity divested to Telenor Northrup Grumman Engine Service stake 9 2 Blount SEG Unison Industries SY Technology Goodrich Communication Experlan Derco 2 in 3Q 1996 Camouflage, Concealment Sensors & Electronic Canada to Wescan Solutions and Deception PerkinElmer Detection Newport News Shipbuilding Global Control 9 Systems to DRS Hyper Industrie Emergent Government Services Electro Mechanical OAO Rockwell Magnaghi Hydraulics to Saab Barracuda SimuFlite Training Advanced Composites to GE Bulova Defense SiC Group to II-VI Altair Avionics et Numeriques Nortel Cogent Motorola IISG International to CAE Hella Aerospace Systems to DRS Automation 6 2 Micromill Electronics Spar Aerospace Aerojet EIS Racal Instruments to Orbital Sensor Systems 2 Flight Training & Simulation to CAE Datron Systems Network Teuchos Thomas Weisel/JF Lehman Australian Aerospace Santa Barbara Six Airtron Microwave Litton Industries 0 Alcoa Thiokol Sierra Flight Systems Airtron Microwave Dana Glacier Bearings EER Systems Products to Cobham Rockwell Space Power 0 Imaging Sensors to Carlyle Group Products Galaxy Aerospace EnvisoNet INTERING Magellan 1 0 Cogent Defense Systems Aerospace Co. to Collins Caribe Aviation 0 St. Louis fabrication Seimac Air Science Engineering Trimble Air Transport Systems KDI Precision Products $0.5 Billion BAE Systems Canada to ONCAP/Onex Team Veritas Capital Turbotech Repairs 9 1 SBS International operations to GKN Omnipless Mannesmann Postal Avimo Group 1 Missiles/Launchers Satori Air Services GTE Primex Technology Humphrey REMEC Texen to Barco N.V. Claverham United States Kilgore Flares SMS Autoliv OEA Aerospace Coleman Research LM Aerospace Electronic Optical Systems 9 LM Aerospace Electronic Systems Sanderson Salies Systems to BAE Systems to Goodrich Vickers Turbine Adaptive Optics Group 3Q 1995 to Chemring Hawker Transco Construccionnes Cutting Edge Federal Data Corp Components to Metrologic Raytheon Optical Systems Hermetic Aircraft to AAR Weather Kaiser Aerospace Sopartech Airport Systems 5 2 LM Control Systems Continental Aeronauticas MPRI Optronics Sterling Software Federal Systems & Electronics to RBS Group Racal Electronics 2 Graphics Hughes Corning EO Sensors Services Braathens Engine Hughes Space & MTU to DiamlerChrysler Advanced Creations Comptek Research Maintenance 0 Radomes Slingsby Engineering TPI Aviation Pittway COMSAT to Landmark 0 to Cobham Communications BAE Radomes Saco Defense Communications Sony Trans Com ML Lifeguard DaimlerChrysler Aerospatiale TCAS to L-3 Network Security to Symantec 1 0 IBP Aerospace Quantum Laser Honeywell TCAS Navia Aviation DF Group 0 Acquired $1 Billion GEC National Jet Systems Aerospace Matra Commercial Aerostructures Flight Training to L3 BMW Rolls-Royce stake MLR Electronique Femtometrics Culham Raytheon LM Control Systems Cade Industries from other Marine 9 0 Precision Gear Electro-magnetics Lincoln Laser EDO Barnes to BAE Systems to Carlyle Group 0 Watkins Johnson to Derlan Space & Navigation to L-3 TrexCom LNR/EMP Flight Shorts Missile Systems map entity France & Lighting GTE Government Systems Dallas Aerospace 9 ACESII Ejection Seat to Goodrich CAC Systemes Boeing ACES II Ejection Seats Training FAvS National 3Q 1994 GEC Marconi Elekluft Elektronik Aerospatiale Canada to Thales AlliedSignal Space Pierburg Teledyne Ryan Avondale Airmotive Great Lakes Turbine 1 Electronic Systems Microelettronica Italiana Canadian Marconi Luftfahrtgerate Intertrade 1 4 Preston Group to Serco to BAE & Navigation ADI AlliedSignal Autometric European Antennas ITHACO Tristar Aerospace Sparton of Canada 9 Space Systems AlliedSignal Honeywell Ryan Aeronautical Vickers Aerospatiale Advanced Programming 9 Matra Hautes Agusta SpA to Coltec Interstate Electronics Lucas Fabricated Canada Sundstrand Information Services Credowan Technologies Officine Aeronavali Gulfstream ElectroSonics Aydin Systems to Denro Concepts 1 9 to SAIC ARGO Systems ACR Electronics DPC Technologies Flight Dynamics 9 $5 Billion to Condor Aerospace MB Aerospace Federal IT/ 9 AMMI Normalair/Garrett Microdyne Lucas Varity Altech African Defense Systems 9 9 Synectics Tri-Manufacturing to TI Group California Raytheon Sono-bouy IMI Marston Aerospace Tech Services BAe Australia military Civil helicopters to RDM Astro Aerospace Microwave ISD Sextant Avionique product line 9 Hyper Technologies Satori Universal Propulsion DuPont Lanxide Composites Electrodynamics Ground EO/FPA to DRS United Kingdom vehicles to Tenix CMS Group to Primex TASC 2Q 1993 GKN Hermetic Aircraft Storm Control Systems Wormald Technology Power Magnetics 3 1 Airport Systems DASA ESSCO AlliedSignal & Electronics Systems 1 Tracor NASSCO Holdings, Inc. Airport Support RO liquid engines Flight Training to Honeywell SPD Technologies Communications 9 to Atlantic Research Communications Systems Hycor to Sippican INRI 9 to GECAS Conax Sonobuoys to Ultra Electronics 9 Artex Siemens Defense Sycomore Dee Howard to mgmt to Raytheon Alcatel Military 9 Siemens Electronics Hymatic Engineering Electronics Computing Devices International AlliedSignal Ocean Systems Montek Division to Moog MMIC Operations 8 Wulfsberg Ocean Systems to L-3 Hughey & Phillips to TriQuint Communications Ratier-Figeac 8 FM Radio Lincoln Laser SimuFlite Training Lockheed Martin ILEX Systems Hughes-Avicom product line Aerostructures Banner Aerospace Operations Nurad Technologies Rohr Satellite Transmissions System Howmet Airfoil Motorola Fuzing Avicom Wallop Industries Lucent ATS Aerostructures to GE Refurbishment 1 Flexcom Greenwich Logicon 1 to Rockwell ML Aviation & UNC Bristol Aerospace to Air Services Engine Electrical BDM International Racal Marine Hughes Aircraft Interturbine Flight Repair 9 Lifeguard Equipment Megellan Aerospace Deutsche System 9 McDonnell Douglas Hughes Aircraft Slingsby Systems to Unison Grimes Aerospace Defense/Armaments P&W Klimov Sivers Lab SODERN to General Dynamics 9 to Raytheon Aviation & EMS Flightline Electronics 9 Engineering Starec Lockheed Martin Garrett Aviation Services Gulton Mark IV SAI Technology LucasVarity Geared Systems Alliant Marine Defense/Armaments L-3 Communications Development 7 Corp H+S Aviation Overhaul 7 Systems Ten businesses Steven C. Grundman Marine Systems Continental Texas Instrument to Hughes CAA Flight PRC AEGIS Services DSEG Rockwell Microwave Bosch Telecom Loral Space & to Tracor 1 Calibration Dornier Luftfahrt Marine Bearings 1 Vice President & Tool Hughey & Phillips to Duramax Communications 9 Shorts Military Vehicles to Fairchild Sextant ATE Airport Lighting Sperry Marine Measurement 9 LORI Heat Exchange Loral Defense Westinghouse Systems Litton Itek Telefunken Alenia engine Teledyne Systems Aerospace & Defense to Boeing 9 AmeriData Technologies Smiths FOG Electronics Microelectronics Center Nordam 9 Airborne Hydraulics Sendertechnik nacelles business Precision Products PRC Chrysler ESI &CTAS John Hancock Tower Kevlin to Tech-Sym Giravions Dorand to Aermacchi ITEK to Hughes United Technologies Microelectronics Center to Rockwell Collins Propulsion 6 AWA Defense Industries to AlliedSignal Aircraft Services FBOs Systems 6 to Mercury Air Westwind GE Engine Controls Unisys Defense Teldix 200 Clarendon Street, T-33 Air Bearings Lucas De-Icing Northrop Grumman First Move Facilities Management Devtek Applied Febu Bergen Systems Imo Electro Optics Dynamic Controls 1 Magnavox Electronic Systems Precision Products E-Systems, Inc. Electronics Ltd 1 Saunders Engines Controls business Internacional de Mantenimiento Fabrica Militar de Aviones Boston, MA 02116-5092 9 Inertial Systems H&W Valve Bath Iron Works to Lockheed Martin Sheldahl Hoskins Advanced Control and Simulation Intevac E-OSystems Photonics to Uniphase 9 to Litton Aviation Lighting Industries Lockheed +1-617-425-3168 9 Hercules Aerospace Hughes Inertial Systems Allison Engine Thorn-EMI Helitune 9 CAE Link Martin Marietta 5 Snipe EFIM (defense operations) Technology Integration Mantenimiento y Control Hexcel EMT 5 [email protected] Litton Precision Gear Atlantic Alarme et Protection Material Microwave ESS Group Weed Aerospace Precision Gear Comant Industries Space Systems to INU Control 1 FLS Aerospace Martin Marietta GTE Spacenet Corp General Dynamics Space Systems Vought Aircraft to Boeing 1 Space Systems Rediffusion Sargent Fletcher Hughes Rediffusion Koor Carmel Forge to Matra Simulation to Ferretec Simulation www.crai.com/aerospace 9 Marconi Space Thomson-CSF Rayan 9 FR Electronics ELAC-Nautik to AlliedSignal IBM Federal Systems 9 Grumman Teledyne 9 Emerson General Dynamics Electronic Systems Markhorst Aircraft Engines Rosemount 4 Corporate Vastgoed Fort Worth GE Specialty Fort Worth 4 Jets to Electronics mfg to Lockheed business to BFGoodrich Aerospace Heating & Electronic Products Ferrulmatic Raytheon to ETA Technologies to Elbit/Crossroads Avionics Power BAe Corporate Jets High Temperature Fibercom Dowty Electronic 1 Astra UPC Engineers LTV Missiles Morpho Systemes Systems 1 Aeroformation Electronics to Carlyle Group 9 Missile operations Atlantic Instruments Microwave & Power 9 to Hughes Abex ClevelandPneumatic Raytheon Microwave Tube Division to Litton General 9 Complas Aerospace business & PowerTube 9 Applied Remote to Martin Marietta GE Aerospace Dynamics Applied 3 Technology to Raytheon Remote Technology 3

Rolls-Royce GEC-Marconi Alliant Techsystems British Cobham Daimler-Benz General Martin Litton Rockwell Ultra United Aerospace Boeing Hughes Aerospace Aerospatiale Finmeccanica Dynamics General Electric (not to scale) Goodrich Allied-Signal Honeywell Marietta Lockheed Loral TRW Northrop Industries Raytheon International Sagem Snecma Thomson-CSF Technologies

Copyright 2011 Charles River Associates Copyright 2011 Charles River Associates Copyright 2011 Charles River Associates Copyright 2011 Charles River Associates