FORT WAYNE, Ind. (WOWO):  BAE Systems announced plans Thursday to acquire the aerospace division of Ball Corp. in Colorado.  According to Inside Indiana Business, the deal is worth an estimated $5.6 billion. BAE Systems CEO Tom Arseneault said the deal would advance the company’s position in some of the fastest growing segments of the defense market.

BAE Systems employs nearly 1,000 workers at its facility in Fort Wayne that focuses on electronic systems controls and avionics solutions for commercial and military customers. The company said Ball Aerospace’s space-related programs account for about 70% of its $2.2 billion in revenues.

BAE officials said that the acquisition would “provide a robust platform for accelerating our space strategy.”