2nd Oct 2008 07:00
02 October 2008
Ref: 0263
COBHAM COMPLETES PURCHASE OF GMS IN THE USA FOR US$26 MILLION
Further to the announcement of 20 August 2008, Cobham plc ('Cobham') has completed the purchase of the trade and net assets of GMS Inc. ('GMS') for US$26 million in cash on a debt and cash free basis. GMS, which employs 50 people and is based in Carlsbad, California, will become part of the Cobham Avionics and Surveillance ('CAS') Division and will operate under Cobham's existing US Special Security Agreements.
GMS designs and manufactures digital equipment, including video surveillance and high definition and wireless video technologies, which is used in a variety of applications and is sold primarily into US law enforcement and national security and defence markets, together with the broadcast market. It is an excellent technological fit with Cobham's existing business, offering complementary products and capabilities which present opportunities for synergistic growth. It provides Cobham with access to a wider customer base and creates a physical presence on the west coast of the USA for its intelligence and surveillance business.
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ENQUIRIES
Allan Cook, Chief Executive +44 (0)1202 882020
Warren Tucker, Chief Financial Officer +44 (0)1202 882020
Julian Wais, Director of Investor Relations +44 (0)1202 857998
Julian Hellebrand, Group Director of Communications +44 (0)1202 857651
Weber Shandwick Financial
Susan Ellis/James White +44 (0)20 7067 0700
Notes
1. Cobham plc is an international company engaged in the development, delivery and support of advanced aerospace and defence systems for land, sea and air platforms. The Company specialises in the provision of components, sub-systems and services that keep people safe, improve communications and enhance the capability of aerospace and defence platforms.
2. Cobham Avionics and Surveillance Division designs, qualifies, manufactures, certifies and supports a complete range of electronic products for airborne, marine, land and special purpose applications. The division serves four principal markets: Avionics, Law Enforcement & National Security, SATCOM and France. Included in the product base are fully certified Electronic Flight Instrument Systems with complete cockpit communication/navigation and sensor capability, COSPAS/SARSAT certified marine, air and land Search and Rescue devices and state-of-the-art law enforcement tracking, monitoring and surveillance equipment.
Nothing in this press release should be construed as a profit forecast or be interpreted to mean that the future earnings per share of Cobham will necessarily be the same as, or greater than, the earnings per share for completed financial periods.
This document contains 'forward-looking statements' with respect to the financial condition, results of operations and business of Cobham and to certain of Cobham's plans and objectives with respect to these items.
Forward-looking statements are sometimes but not always identified by their use of 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 inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or will occur in the future.
There are various factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, changes in the economies, political situations and markets in which the Group operates; changes in government priorities due to programme reviews or revisions to strategic objectives: changes in the regulatory or competition frameworks in which the Group operates; the impact of legal or other proceedings against or which affect the 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 made subsequently, which are attributable to Cobham or any other member of the Group or persons acting on their behalf are expressly qualified in their entirety by the factors referred to above. Cobham does not intend to update these forward-looking statements.
Related Shares:
Cobham