6th Dec 2006 07:03
Laird Group PLC06 December 2006 6 December 2006 LAIRD SIGNALS EXPANSION IN WIRELESS SYSTEMS The Laird Group PLC ("Laird") today announces the acquisition of Steward, Inc.,("Steward") for a total cash consideration of $52.5 million (£26.5 million) on adebt free basis. Steward is an international leader in the design, manufacture and supply offerrite-based products, used in a wide variety of electronics applications, topreserve signal integrity by removing or filtering unwanted or harmfulelectromagnetic "noise" and other signals at unwanted frequencies fromelectrical conductors and components. Steward has a design facility inChattanooga, USA, manufacturing operations in Hermosillo, Mexico and Shunde,China and sales and distribution networks in the UK, Taiwan, Singapore and China. The business, and its management, will form the nucleus of Laird Technologies'focus on the Signal Integrity Products market, complementing Laird Technologies'existing market leading capabilities in the design, manufacture and supply ofcustomised, performance critical products and solutions for wireless and otheradvanced electronic applications. By integrating antenna, EMI shielding and Signal Integrity Products, Laird canoffer its global customers a total solution for Wireless Signal IntegritySystems. The combination of the businesses will produce benefits in jointproduct development and application engineering. In addition, through itsgreater customer presence, Laird Technologies intends to develop a much largerglobal position in Signal Integrity Products. In its accounts for the year ended 30 September 2006, Steward generated revenuesof $49.6 million (£26.9 million) with adjusted underlying operating profits ofapproximately $5.5 million (£3.0 million) profit before tax of $2.2 million (£1.2 million) and gross assets of $27.4 million (£13.8 million). In the comparable period to 30 September 2005, revenues were $41.5 million (£22.8 million). Commenting on the transaction, Peter Hill, CEO of Laird, said: "Signal Integrity is performance critical for wireless products and, in anincreasingly wireless world, is an essential requirement for the success of ourcustomers. Laird Technologies has established leading positions in supplyingperformance critical products and solutions to our global customer base, and theacquisition of Steward means we can take that to a new level. By developing thenext generation of integrated Signal Integrity Systems, we will be able toprovide our customers with solutions to deliver the increasing performancerequirements of their markets." For enquiries: The Laird Group PLC Maitland Peter Hill, Chief Executive Brian Hudspith Jonathan Silver, Finance Director Charlotte Barker Tel: 020 7468 4040 Tel: 020 7379 5151 Laird Technologies: Laird Technologies is the global market leader in the design and supply ofelectromagnetic interference (EMI) shielding, thermal interface products andwireless antenna 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. Steward: Steward was founded in 1876 in Chattanooga and has been owned by the same familyfor 130 years. Steward is a leading producer of ferrite-based, related materialsand products used in the electronics, telecommunications, military andautomotive markets. These products are designed to ensure wireless signalintegrity. Steward's management will be joining Laird Technologies. Steward design, management and administration facilities are based inChattanooga, US. Manufacturing facilities are in Hermosillo, Mexico and Shunde,China. Steward also have sales and distribution facilities in the UK, Taiwan,Singapore and China. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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