31st Oct 2011 07:00
31 October 2011
Cobham Completes the Acquisition of US Trivec-Avant Corporation, a Global Leader in Satellite Communication Antennas, for US$126 Million
Further to the announcement of 15 September 2011, Cobham plc ('Cobham') has completed the acquisition of US based Trivec-Avant Corporation ('Trivec') for a cash consideration of US$126 million on a debt and cash free basis. An additional cash consideration of up to US$18 million is payable between 2013 and 2014, contingent on future performance. It is expected that the acquisition will be immediately earnings enhancing and will cover its cost of capital in the first year of ownership.
Trivec has industry leading expertise in the field of Satellite Communication (SATCOM) antennas for communications on the move, including next generation network-centric warfare. It specialises in ultra high frequency (UHF) SATCOM and steerable technologies for low to horizon communication in adverse terrain and in demanding military and emergency response missions. Its products and customer relationships are highly complementary to Cobham's Antenna Systems business, part of the Aerospace and Security Division. The acquisition is consistent with Cobham's strategic objectives of building scale in its markets and investing in highly differentiated technology.
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ENQUIRIES:
Cobham plc |
Andy Stevens, Chief Executive Officer +44 (0)1202 882020 |
Warren Tucker, Chief Financial Officer +44 (0)1202 882020 |
Julian Wais, Director of Investor Relations +44 (0)1202 857998 |
Brunswick Michael Harrison/Chris Blundell +44 (0)20 7404 5959 |
Notes
1. About Cobham Antenna Systems
For more than 60 years, Cobham Antenna Systems has been a world leader in the design and manufacture of communication systems and antennas. Cobham's innovative communication, navigation, jamming, electronic warfare, telemetry and radar antennas serve all major commercial aviation manufacturers and operators, major defence contractors, emergency response organisations and law enforcement agencies. Cobham's satellite communications systems connect military and commercial aircraft, vessels, vehicles and mobile teams with the world, through high-speed data, voice and video. Cobham Antenna Systems also produces high performance composite products for the aerospace industry, including radomes and components for military aircraft, ships and vehicles.
2. About Cobham
Cobham specialises in meeting the insatiable demand for data, connectivity and bandwidth in defence, security and commercial environments. Offering a technically diverse and innovative range of technologies and services, the Group protects lives and livelihoods, responding to customer needs with agility that differentiates it. The most important thing we build is trust. Employing more than 11,000 people on five continents, the Group has customers and partners in over 100 countries, with annual revenue of some £1.9bn / US$3 billion.
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Forward Looking Statements
Nothing in this press release should be construed as a profit forecast or be interpreted to mean that the future earnings per share of Cobham will necessarily be the same as, or greater than, the earnings per share for completed financial periods.
This document contains 'forward-looking statements' with respect to the financial condition, results of operations and business of Cobham and to certain of Cobham's plans and objectives with respect to these items. Forward-looking statements are sometimes but not always identified by their use of a date in the future or such words as 'anticipates', 'aims', 'due', 'could', 'may', 'should', 'expects', 'believes', 'intends', 'plans', 'targets', 'goal', or 'estimates'. By their very nature, forward-looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or will occur in the future.
There are various factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, changes in the economies, political situations and markets in which the Group operates; changes in government priorities due to programme reviews or revisions to strategic objectives; changes in the regulatory or competition frameworks in which the Group operates; the impact of legal or other proceedings against or which affect the Group; changes to or delays in programmes in which the Group is involved; the completion of acquisitions and divestitures and changes in currency exchange rates.
All written or verbal forward-looking statements, made in this document or made subsequently, which are attributable to Cobham or any other member of the Group or persons acting on their behalf are expressly qualified in their entirety by the factors referred to above. Cobham does not intend to update these forward-looking statements.
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