23rd Jun 2005 07:02
Cobham PLC23 June 2005 23 June 2005 ACQUISTION OF US LIFE SUPPORT COMPANY COMPLETED Further to the press release on 24 December 2004 and following regulatoryapprovals, Cobham announces that it has now completed the acquisition of H Koch& Sons Co (Koch). Based in Anaheim, California, USA, and employing 54 people, Koch was founded in1909 and is a leading provider of active and passive restraint systems, survivalkits and emergency lighting. Koch has a highly complementary product range thatwill enhance the existing Cobham Life Support segment. Koch will be managed by Conax Florida, based in St Petersburg, Florida, USA andwill be incorporated into the Cobham Life Support segment which Cobham hasbuilt, through acquisition and organic growth, into a global leader in thisarea. The operating profits for the year ended 31 January 2005 were US$6.0m and netassets as at 31 January 2005 were US$5.5m. As a result of updating our review ofthe business since December 2004, our estimates of profitability have beenreduced due to order delays and the acquisition price has been reduced fromUS$63 million to US$51 million. The acquisition is expected to be earningsenhancing immediately. Andy Stevens, President, Cobham's Aerospace Systems Group said: 'We are very pleased to have brought Koch into the Cobham portfolio. Togetherwith Conax, Carleton and Draeger Aerospace we now offer a comprehensive rangeof life preserving and support equipment for the aviation industry.' Notes to EditorCobham is a leading supplier of specialised equipment for the aerospace,defence, homeland security, communications and search and rescue markets. Italso operates, modifies and maintains aircraft for military training, specialmission operations and outsourced freight and passenger services. Cobham's Aerospace Systems Group - the principle activities are the design,manufacture, sale and support of fluid and air distribution components andsystems, countermeasures, air refuelling equipment, aviation auxiliary missionequipment and life support equipment for the aerospace and defence markets. ENQUIRIESCobham plcAllan CookChief Executive Telephone +44 (0) 1202 882 020 Warren TuckerGroup Financial Director Telephone +44 (0) 1202 882 020 Weber Shandwick Square MileKirsty Raper, Director Telephone +44 (0) 207 067 0748 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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