8th Mar 2006 08:30
Laird Group PLC08 March 2006 8 March 2006 LAIRD INCREASES BANDWIDTH IN ANTENNAE SOLUTIONS The Laird Group PLC ("Laird") announces today the acquisition of Antenex, Inc.("Antenex"), a privately held business, for an initial cash consideration of$15.0 million (£8.6 million) on a debt free basis, and a deferred payment of$2.0 million (£1.1 million) payable after one year. Antenex is a leading designer, developer and manufacturer of wirelesscommunications antennae, to exacting electrical and mechanical specifications,for voice, data telemetry, satellite, security, asset location and 2-way radio applications. In the year ended 31 December 2005 Antenex reported revenues of $11.4 million(£6.5 million), an increase of 29% over 2004, operating profits of $2.2 million(£1.3 million) and profit before tax of $2.1 million (£1.2 million). As at31 December 2005, Antenex had gross assets of $3.2 million (£1.8 million). Antenex operates from a facility in Chicago, United States, and employsapproximately 80 people. The business and its management will be integrated intoLaird Technologies' growing wireless antennae products and solutions business.Antenex's business will benefit from Laird's greater product development andapplication engineering resources, customer presence and global reach, whileexpanding Laird's product range and markets served. Commenting on the transaction, Peter Hill, Chief Executive of Laird, said: "Our strategy is to establish leading positions and key technologies in our coremarkets where we see opportunities for growth. With the acquisition of Antenex,we gain new customers and new technologies that will enhance our current andfuture products for the growing wireless market sectors. As wireless signalintegrity becomes increasingly important, the acquisition of Antenex means wewill be better able to provide the combined customer base with the solutionsthey require." For enquiries: The Laird Group PLC The Maitland Consultancy Peter Hill, Chief Executive Brian Hudspith Jonathan Silver, Finance Charlotte Barker Director Tel: 020 7468 4040 Tel: 020 7379 5151 The Laird Group: Laird is a leading global electronics and security systems group employing some9,000 people in operations in North America, Europe and across Asia. Laird Technologies is a global market leader in the design and supply ofelectromagnetic interference (EMI) shielding, thermal interface products andwireless antennae solutions for all sectors of the electronics industry,including telecommunications, data transfer and information technology, as wellas to the automotive, aerospace and defence, consumer electronics, medical andindustrial markets. Its products, often co-designed in conjunction withcustomers, are critical in protecting or enhancing the performance of electronicdevices. Antenex: Antenex was founded in 1990 by the current owner Don Cislo, who will remain withthe business. The business operates from a facility in Chicago, United Statesand employs some 80 people. Antenex's products are for a variety of communication markets and includebroadband wireless, wireless local and wide area networks (LAN/WAN), Land MobileRadio (LMR), Global Positioning System (GPS), In Building Wireless (IBW), assettracking, metering and other specialist antennae products. Antenex has a diversecustomer base with the majority of revenues to OEM's and the balance throughdistributors. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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