Acquisition

23rd May 2005 08:05

Cobham PLC23 May 2005 COBHAM COMPLETES US$260M ACQUISTION OF REMEC DEFENSE AND SPACE INC Further to the announcement on 21 December 2004, Cobham now confirms that itcompleted the purchase of REMEC Defense and Space Inc. (Remec Defense), a whollyowned subsidiary of REMEC Inc., for a consideration of US$260 million in cash onFriday 20 May 2005. Headquartered in San Diego, California, and employing over1,000 people, Remec Defense will report directly to Chelton MicrowaveCorporation (CMC), part of Cobham's Chelton Group (Chelton).Remec: • Is a leading company in the field of integrated microwave assemblies and sub systems for EW, radar and communications. • Delivers a leading position in active, as well as extending Chelton's passive, microwave sub systems and components capability. • Participates in top US defence programmes and platforms including: F-16, F/A-18, F/A-22, F-35, AMRAAM, AARGM, Tomahawk and Sea Sparrow, • Doubles the revenues of Chelton's microwave business in the US. • Has had a compound annual revenue growth over the last two years of 15% which is expected to continue. • Is anticipated to be immediately earnings enhancing. The current management team and all employees will remain with the business.Operations will continue at the present facilities in San Diego, California,Robinson, Texas, USA and Tijuana, Mexico. Allan Cook, Chief Executive, Cobham plc, said'The acquisition of Remec Defense brings new complementary capabilities to ourexisting and highly successful Chelton microwave business and will provide asignificant contribution to Cobham's growth going forward. Microwave, integralwith network centric warfare, is one of the fastest growing sectors in aerospaceand defence and I am delighted to announce Cobham's continued expansion intothis market.' ENQUIRIESCobham plcAllan Cook, Chief ExecutiveWarren Tucker, Group Financial Director Telephone +44 (0) 1202 882020 Weber Shandwick Square MileKirsty Raper, Director Telephone +44 (0) 207 067 0749 NOTES TO EDITORCobham plc - Cobham designs and manufactures equipment, specialised systems andcomponents supplied to the aerospace, defence, homeland security, search andrescue and communications markets and operates, modifies and maintains aircraftfor military training, special mission flight operations and outsourced freightand passenger services. Chelton - Cobham's Chelton Group has an extensive global presence withfacilities extending into Europe, North America and South Africa. It is one ofthe world's leading designers and suppliers of antennas, aircraft communicationand navigation equipment, microwave sub systems, radomes and compositestructures for the aerospace, defence, law enforcement and national security,search and rescue and communications markets. Chelton Microwave Corporation - Based in Bolton, Massachusetts, USA, CMC is awholly owned subsidiary of Cobham and develops, manufactures and integratesadvanced microwave products for the US and international armed forces. This information is provided by RNS The company news service from the London Stock Exchange

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