21st Nov 2007 07:01
Cobham PLC21 November 2007 #22621 November 2007 COBHAM REACHES AGREEMENT TO PURCHASE S-TEC IN THE USA FOR US$38 MILLION Cobham plc ('Cobham') is pleased to announce that it has reached agreement topurchase S-TEC Corporation from Meggitt plc for a cash consideration of US$38mon a debt and cash free basis payable on completion. The purchase is anticipatedto complete before the year end, subject to regulatory approval. S-TEC designs, certifies and manufactures autopilots for general aviationaircraft, ranging from small single-engined to light commuter aircraft. Based atMineral Wells Airport in Texas, USA, S-TEC has a workforce of 180 people,including many skilled avionics engineers who are capable of supporting thedevelopment of Cobham products. S-TEC is an excellent technological and market fit in the development of aCobham cockpit of avionics. OEMs increasingly expect their avionics supplier toprovide an autopilot solution, with the market moving towards the inclusion ofautopilots in EFIS type displays, such as Cobham's, to reduce weight, wiring andintegration costs. S-TEC also has a strong presence in the retrofit market whichCobham can leverage, and positions with many OEMs including Adam, Cirrus,Eclipse, Piper and Pilatus. Allan Cook, Cobham Chief Executive said:"S-TEC is an excellent technological and market fit in our development of aCobham cockpit of avionics, with products from both companies certified togetheron more than 500 aircraft types." -ENDS- ENQUIRIESCobham plcAllan Cook, Chief Executive +44 (0)1202 882020Warren Tucker, Group Financial Director +44 (0)1202 882020Julian Wais, Director of Investor Relations +44 (0)1202 857998Julian Hellebrand, Group Director of Communications +44 (0)1202 857651 Weber Shandwick FinancialSusan Ellis/Louise Robson +44 (0)20 7067 0700 NOTESCobham plc is an international company engaged in the development, delivery andsupport of advanced aerospace and defence systems for land, sea and airplatforms. The company has five technology divisions and one in the servicesector that collectively specialise in the provision of components, subsystemsand services that keep people safe, improve communications and enhance theperformance of aerospace and defence platforms. Cobham Avionics and Surveillance Division designs, qualifies, manufactures,certifies and supports a comprehensive range of electronic products forairborne, marine, land and special purpose applications. The division servesthree principal markets: Avionics, Law Enforcement/National Security and Searchand Rescue. Included in the product base are fully certified Electronic FlightInstrument Systems with complete cockpit communication/navigation and sensorcapability, Cospas/SarSat certified marine, air and land Search and Rescuedevices, and state-of-the-art law enforcement tracking, monitoring andsurveillance equipment. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Cobham