24th Apr 2018 08:25
LONDON (Alliance News) - Defence and aerospace firm Meggitt PLC said Tuesday it sold its Precision Micro business for GBP22.5 million in cash to the private equity arm of Lloyds Banking Group PLC.
Precision Micro - a photo etching firm for the automotive and medical sectors - generated GBP15 million in revenue in 2017.
For 2017, FTSE 250-listed Meggitt itself reported GBP262.4 million in pretax profit on GBP2.03 billion revenue.
Precision Micro was sold to LDC, an arm of FTSE 100-listed Lloyds. The sale was in line with Meggitt's strategy to focus on businesses of scale in attractive markets, it said.
Meggitt's share were down 0.4% at 463.70 pence early Tuesday.
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