13th Sep 2006 07:01
Meggitt PLC13 September 2006 For Immediate Release 13 September 2006 Meggitt PLC acquires Keith Products for up to US$32 million Meggitt PLC ("Meggitt"), the international aerospace, defence and electronicsgroup, has acquired Keith Products, a leading supplier of compact airconditioning systems for business jets and general aviation aircraft. A cashconsideration of US$30 million will be paid on completion, with a further US$2million payable after two years subject to achieving agreed sales targets in2006 and 2007. The transaction includes a net asset adjustment mechanism and isbeing funded from Meggitt's existing resources. Located in Addison, Texas, Keith Products is a leader in vapour cycle airconditioning systems providing cooling, heating and ventilation for fixed wingaircraft and helicopters. Keith Products has the largest product listing ofSupplemental Type Certificates for air conditioning units in the world and is amajor supplier to original equipment manufacturers such as Cessna, Learjet,Raytheon, Sikorsky and Eurocopter. Terry Twigger, Chief Executive of Meggitt commented: "The acquisition of Keith Products is an important step in the development ofour Meggitt Thermal Systems group, which is now positioned as a leading provider of compact thermal management systems and components for general aviation." For further information, please contact: Meggitt PLCTerry Twigger, Group Chief ExecutiveStephen Young, Group Finance DirectorOffice:+44 1202 597597 Buchanan CommunicationsCharles RylandJeremy GarciaOffice :+44 20 7466 5000 Notes to editors: About Meggitt Thermal Systems: Meggitt Thermal Systems group designs andproduces environmental control systems and components including high and lowpressure ducting, engine inlet and wing ice protection, heat exchangers, valves,bleed air leak detection sensors and controllers. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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