25th Feb 2014 10:26
LONDON (Alliance News) - Cobham PLC said Tuesday is has informed the US Department of Justice of an internal investigation into potentially irregular sales practices relating to Asia sales.
The firm said it voluntarily contacted the DoJ to inform of the initial internal investigation into, "potentially irregular sales practices concerning sales to Asia of certain products manufactured by TracStar Systems Inc. ('TracStar')."
TracStar is based in Orlando, Florida and is part of Cobham's SATCOM business. The firm manufactures a range of inertial stabilisation and satellite tracking systems used by government and commercial customers globally for land based applications. TracStar's total worldwide revenue in 2012 - Cobham's last externally reported full-year - was under GBP15 million, representing less than 1% of Group revenue in that year.
Cobham said it will continue to co-operate with the DOJ in relation to this matter.
Shares in Cobham PLC were trading down 0.85% at 292.5 pence per share Tuesday morning.
By Alice Attwood; [email protected]; @AliceAtAlliance
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