18th Jan 2008 14:16
QinetiQ Group plc18 January 2008 QinetiQ Group plc18 January 2008 QinetiQ agrees to purchase Aerostructures Group. QinetiQ Group plc, announces today that it has signed an agreement to purchaseAerostructures, Group a Melbourne Australia based business from its currentowner, Elmer B Lammon, for cash consideration of A$11m.The principal business of Aerostructures Group is the analyses and assessment ofaircraft and helicopter structures with emphasis on fleet support, usagemonitoring and prolonging service life. It also delivers specialist engineeringprofessional development training in Australia, New Zealand and Asia andundertakes Non-Destructive Testing management, design and inspection services.The business employs 90 people and reported revenues of A$13m in the year ended30 September 2007. This acquisition is subject to Commonwealth of Australiaregulatory approval and is expected to complete by the end of February 2008. This acquisition follows the announcement earlier this month of QinetiQ'spurchase of two other Australian defence consulting businesses - Ball SolutionsGroup and Novare Group - which collectively will establish a QinetiQ business inAustralia of 288 employees with a turnover of A$48m. These acquisitionsrepresent the continuing execution of QinetiQ's strategy to grow its Europe,Middle East and Australasia (EMEA) capabilities. They will enhance QinetiQ'sportfolio of defence and aerospace-based expertise, provide additional routes tomarket and broaden QinetiQ's customer base through existing relationships andcontractual arrangements. Commenting on the acquisition Clive Richardson, QinetiQ's Chief OperatingOfficer for Europe, Middle East and Australasia, said: "Aerostructures is aleader in aircraft structural assessment in Australia and like Ball and Novarehas synergies with QinetiQ's capability in the UK. The three recent acquisitionswe have announced in Australia will provide us with a tangible operationalfootprint in this growing market. They reflect our confidence in the strength ofthe Australian defence market and QinetiQ will continue to seek furtherexpansion opportunities in the region." Further Enquiries:QinetiQ Group plcAdrian Colman, Investor Relations Tel: +44-1252-395366David Bishop, Media Relations Tel: +44-1252-394573 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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