27th Jun 2005 07:00
Meggitt PLC27 June 2005 FOR IMMEDIATE RELEASE 27 June 2005 MEGGITT PLC £8m ACQUISITION OF AVERY-HARDOLL Meggitt PLC ("Meggitt"), the international aerospace, defence and electronicsgroup, announces that it has agreed to acquire the business of Avery-Hardoll ("Avery-Hardoll") from Cobham Fluid Systems Limited, subject to regulatory andconsultation processes. The cash consideration of £8 million is payable oncompletion, with a subsequent working capital adjustment. The transaction isbeing funded from Meggitt's existing resources. Avery-Hardoll, located in Blandford, Dorset, UK, has a strong brand image and iswell respected for its quality and reliability in the aerospace groundrefuelling market. It provides a range of specialist products, includingmeasurement products, couplings, control valves, fluid transducers andfiltration products. Upon completion Avery-Hardoll will form part of the Meggitt Aerospace Equipmentdivision, and will complement Whittaker Controls which produces fluid controls,valves and subsystems, ground fuelling equipment and quick disconnects. Commenting on the acquisition Terry Twigger, Chief Executive of Meggitt PLC,said: "This acquisition further enhances Meggitt's position in the aerospace groundrefuelling market and continues our strategy of acquiring complementarybusinesses in the industrial products sectors." Contact:Meggitt PLC 01202 847847 Terry Twigger, Group Chief ExecutiveStephen Young, Group Finance Director Buchanan Communications 020 7466 5000Charles Ryland/Jeremy Garcia This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MGGT.L