25th Feb 2008 07:01
Cobham PLC25 February 2008 #23325 February 2008 COBHAM COMPLETES US$240 MILLION PURCHASE OF SURVEILLANCE AND ATTACK BUSINESS Further to the announcement of 19 December 2007, Cobham plc ('Cobham') announcesthat it completed the purchase of the Surveillance and Attack business unit ofBAE Systems Inc on 22 February 2008 for a cash consideration of US$240 millionon a debt and cash free basis. The goodwill arising on completion is anallowable tax expense with an estimated net present value of US$45 million,resulting in an effective acquisition price of US$195 million. The unit, whichis based in Lansdale, Pennsylvania, USA, has been renamed Sensor and AntennaSystems, Lansdale Inc ('Lansdale') and is to be integrated into Cobham'senlarged Defence Electronic Systems Division ('CDES'). Lansdale is a world leading developer of Electronic Warfare ('EW') technologyand supplier of EW subsystems for military aircraft. The equipment is usedprimarily for stand-off radar and communication jamming and also self-protectionradar warning on US military aircraft. The acquisition is highly complementaryto the existing CDES US microwave business, bringing additional subsystemproduct and design resource. The acquisition of Lansdale is consistent with Cobham's stated strategy ofincreasing shareholder value through organic growth and selective, valueenhancing acquisitions within the Aerospace and Defence sector. This acquisitionis expected to be immediately earnings enhancing and it is anticipated that itwill be increasingly accretive over time as it grows in line with Cobham'sTechnology Divisions. - ends - ENQUIRIES Cobham plcAllan Cook, Chief Executive +44 (0)1202 882020Warren Tucker, Chief Financial Officer +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 NOTES 1. Cobham plc is an international company engaged in the development, deliveryand support of advanced aerospace and defence systems for land, sea and airplatforms. The Company specialises in the provision of components, sub-systemsand services that keep people safe, improve communications and enhance theperformance of aerospace and defence platforms. 2. Cobham Defence Electronic Systems (CDES) designs and manufactures microwavecomponents, integrated assemblies and sub-systems for the US Department ofDefense and other military and government customers around the world. It is aleading developer of all classes of air, ground and shipboard antennasubsystems, positioners, radomes, high-power microwave components and integratedassemblies, and is the market leader for many niche microwave products. CDES isalso the world leader in advanced tactical military vehicle intercom systems andsoldier and ground vehicle situation awareness products. Nothing in this press release should be construed as a profit forecast or beinterpreted to mean that the future earnings per share of Cobham willnecessarily be the same as, or greater than, the earnings per share forcompleted financial periods. This document contains 'forward-looking statements' with respect to thefinancial condition, results of operations and business of Cobham and to certainof Cobham's plans and objectives with respect to these items. Forward-looking statements are sometimes but not always identified by their useof a date in the future or such words as 'anticipates', 'aims', 'due', 'could','may', 'should', 'expects', 'believes', 'intends', 'plans', 'targets', 'goal',or 'estimates'. By their very nature, forward-looking statements are inherentlyunpredictable, speculative and involve risk and uncertainty because they relateto events and depend on circumstances that may or will occur in the future. There are various factors that could cause actual results and developments todiffer materially from those expressed or implied by these forward-lookingstatements. These factors include, but are not limited to, changes in theeconomies, political situations and markets in which the Group operates; changesin government priorities due to programme reviews or revisions to strategicobjectives: changes in the regulatory or competition frameworks in which theGroup operates; the impact of legal or other proceedings against or which affectthe Group; changes to or delays in programmes in which the Group is involved;the completion of acquisitions and divestitures and changes in exchange rates. All written or verbal forward-looking statements, made in this document or madesubsequently, which are attributable to Cobham or any other member of the Groupor persons acting on their behalf are expressly qualified in their entirety bythe factors referred to above. Cobham does not intend to update theseforward-looking statements. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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