Well, they were born out of Mauser in Germany. I believe there was (might still be) a H&K UK division setup that was responsible for various things related with the L85A2, but yeah 'we' owned H&K for a bit, but it was sold back in 02 during a restructure within BAe (bad move).
There's no Royal Ordnance any more, all just became BAe long ago.
I met a recently retired BAe VP at a wedding a few years ago. My dad worked for BAC then BAe after the privatisation pretty much his entire working life and I visited various airshows, open days, etc. as a kid, so we got chatting.
A bone of contention appeared when I explained that my time at uni was spent studying Sound Technology. In his mind there is no difference between my technical studies and a content driven Media Studies type degree, which he regarded with derision. Regardless of the massive difference, I pointed out that media is one of the UK's largest exports these days. There followed a brief exchange which ended with him opining that the reason why the Tories had had to shut down British heavy industry was because British workers would not accept wages and conditions comparable to those in developing countries and that not only was this a bad thing, it was the fault of Trade Unions.
He went on to recapitulate and, whilst still ignoring the point about media being a huge export market and necessary in the absence of closed industies, claim that the reason our universities are churning out graduates with degrees in Media Studies (for doing nothing but watch TV lol) and Sociology (so they are qualified to hold people's hands while they cry about problems they are too lazy to fix for themselves *sigh*) is also the fault of Trade Unions... for raising the expectations from life of British workers!
No word of a lie, the bloke is nothing short of a fascist. I asked him a number of innocuous questions sprinkled into our further conversation and the upshot was that, in his opinion, his views are shared by the entire upper echelon of BAe management. Pretty scary when you consider that these people have managed to obtain a de facto monopoly over arms supply to the UK Govt. and, despite the loudly espoused philosophy of free markets producing the best products and services when left entirely to their own devices, free, for eg, from Govt. interference, they have achieved this gargantuan market position with UK Govt. subsidy.