Revision Military Ltd,Based on soldier trials, technical compliance and best value pricing, Revision, leading developer of protective eyewear for militaries worldwide, has secured a UK Ministry of Defence contract for Protective Combat Eyewear. Following tender evaluation and user trials, Revision was selected for providing the best value and for being the most technically compliant bidder. The estimated contract value is £3.4 million to provide the UK MoD with Revision’s Sawfly Military Eyewear System and Bullet Ant goggles. ‘Revision is extremely proud to receive the UK MoD contract for Protective Combat Eyewear,’ said Jonathan Blanshay, CEO of Revision. ‘The focus behind all Revision eyewear is to meet and exceed the stringent requirements set forth by our military customers. It’s an honor to be supplying UK troops with what we believe to be the best performance-enhancing eye protection products.’ Colonel Peter Rafferty, Team Leader for Defence, Equipment and Support’s Personal Combat Equipment Team added: ‘All troops currently in Afghanistan are issued with protective eyewear as standard and these new additions are an enhancement over what is already out there. In addition to the ballistic protection these items offer, IED’s are a significant threat to our troops in theatre and the debris and dirt thrown up from a blast can be just as harmful to troops as the initial blast or fragmentation itself. This protective eyewear is the best chance they have of minimizing injuries to the eyes while still maintaining situational awareness and thus the ability to do their jobs.” The Revision Sawfly Military Eyewear System is an all-purpose spectacle designed to provide protection on a 24-hour, all-weather continuum. Maximizing fit, function and comfort, the Sawfly Military Eyewear System exceeds the rigorous optical and ballistic testing standards in use today; it is the most widely used military spectacle in service. The Bullet Ant Goggle System provides powerful ballistic protection against medium-energy fragmentation while protecting against the environment: sand, wind and dust. The goggle system features interchangeable OcuMax® coated lenses for high-performance anti-fog and anti-scratch capabilities and provides flawless optics for unprecedented visual clarity. The Bullet Ant Goggle also exceeds the rigorous testing standards in use today. Both products are prescription capable with a single insert’the Revision Rx Carrier. The Combat Protective Eyewear Tender (number DC4/4055) is the UK MoD’s first competition for protective eyewear since 2005. In addition to securing this procurement, Revision is the major supplier of protective eyewear for numerous NATO countries including the USA, Canada, Germany, the Netherlands, Denmark and Belgium; Revision also fulfills the protective eyewear needs of 40 other countries around the world. Essex Junction, VT, USA (February 8, 2010) ABOUT REVISIONRevision develops and delivers purpose-built protective soldier equipment for military use worldwide. The company, which began with eyewear, has expanded to face and head protection and continues to develop their capabilities for integrated, performance-enhancing soldier systems. To that end, Revision brings the most advanced expertise, state-of-the-art facilities and finest technical minds. Clients include the U.S. Department of Defense, the Canadian Department of National Defence, the Netherlands Defence Materiel Organization, the Swiss Federal Department of Defence and the UK Ministry of Defence. Privately owned and ISO 9001:2008 certified, Revision’s operational headquarters is located in Essex Junction, Vermont, USA, with additional offices in the Netherlands and Canada. For more information, visit www.revisionmilitary.com(link is external)
Timo Ritakallio, the pension provider’s new chief executive, noted that the shortfall would need to be addressed by investment returns in future, rather than increased contributions.While Ilmarinen’s long-term investment strategy foresees a reduction in fixed income in favour of both infrastructure and real estate, the fund nevertheless saw its bond and money market holdings increase to nearly 40% of assets, up by 1.1 percentage point year on year.The asset class returned 2.4% overall, with money market instrument returns at zero for the second year running.Notably, the provider saw its corporate credit portfolio decline by one-sixth over the course of 2014, citing less interest by companies to take on loans funded by pension providers due to Finland’s struggling economy.Having issued nearly €100m in new loans in 2013, the amount fell to €55.5m last year, while the overall loan portfolio shrank in size from close to €1.8bn to €1.5bn, a 17.6% drop.Ilmarinen also continued to reduce its exposure to domestic equity, with Finnish shares only accounting for 30.2% of all listed shares, a 3.4 percentage point drop.Its exposure to Japanese and emerging market stocks also reduced.However, its holdings in Chinese equity increased markedly compared with 2013, exceeding 5% of the overall equity portfolio, while exposure to European equities increased, approaching 40% of equity holdings.The rebalancing saw equities fall from being the best-returning overall asset class, gaining 10.9% last year compared with 20.9% in 2013.The return nevertheless compared favourably with the 4.9% growth of its property portfolio and the 6.8% gains from absolute return funds, which account for 40% of Ilmarinen’s €1.3bn portfolio of ‘other’ investments. The holdings, which also include commodities, returned 17.7%.Ritakallio, who was announced as president and chief executive last year, said the provider’s diversified investment strategy had “proven to be extremely successful”.Ilmarinen previously announced that FIM Group chief executive Mikko Mursula would succeed Ritakallio as CIO.Read about how Ilmarinen is using its absolute return portfolio to replicate hedge fund strategies in-house Ilmarinen boosted its exposure to China and reduced holdings in emerging markets and Japan last year, returning close to 7% over the course 2014.The increased exposure to China follows AP2’s intention to double the size of its equity mandate, after its existing portfolio returned 59% last year. The €34.2bn Finnish pensions mutual also said an increase in pensioners, stemming from baby-boomers working lives’ coming to an end, had seen it become cashflow negative.It reported a shortfall of €180m, despite contributions of €4.4bn last year.