6th Dec 2010 07:00
Cobham plc ('Cobham') is pleased to announce that it has reached agreement to acquire the share capital of the privately owned RVision Inc. ('RVision'), for US$28 million payable in cash on completion. Additional cash consideration of up to US$20 million is payable between 2012 and 2014, contingent on future performance.
RVision designs, manufactures and integrates technically advanced electro-optical and infrared imaging systems, including ruggedised pan/tilt/zoom cameras, hardened processors and tactical video hardware. These can be used to protect critical infrastructure in a range of markets including military, border security, law enforcement, nuclear and chemical plants, ports and harbours and various transport applications. The company is an excellent technological fit with Cobham's existing Surveillance businesses, offering complementary products and capabilities with opportunities for synergistic growth.
The acquisition of RVision is expected to complete around the end of 2010. RVision, which has 40 employees in San Jose and San Diego, California, will become part of Cobham's Surveillance Strategic Business Unit, within the Avionics and Surveillance Division.
Andy Stevens, Cobham Chief Executive Officer, said:
"We are very pleased that RVision is joining Cobham, as its distinctive electro-optical and infrared technologies will enable us to further develop our scaleable, modular and easily deployable integrated solutions, enhancing our position as a key technology solution provider in Surveillance markets."
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ENQUIRIES
Cobham
Andy Stevens, Chief Executive +44 (0)1202 882020
Warren Tucker, Chief Financial Officer +44 (0)1202 882020
Julian Wais, Director of Investor Relations +44 (0)7720 999764
Brunswick
Nick Claydon/Michael Harrison +44 (0)20 7404 5959
About Cobham
Cobham's products and services have been at the heart of sophisticated military and civil systems for more than 75 years, keeping people safe, improving communications, and enhancing the capability of land, sea, air and space platforms. The Company has four divisions employing more than 11,000 people on five continents, with customers and partners in over 100 countries and annual revenue of some £1.9bn / US$3 billion.
About Cobham Surveillance
Cobham Surveillance, part of Cobham's Avionics and Surveillance Division, has provided specialist products and services to law enforcement, national security and search and rescue agencies for more than 40 years. Surveillance capabilities include innovative audio, video, tracking, locating and sensors in airborne, marine, land and special purpose applications. Cobham's unique capability to transmit and receive information in difficult electronic environments has proven critical for "first responders" such as fire, police and ambulance services.
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