21st Nov 2007 07:01
Meggitt PLC21 November 2007 Immediate release 21 November 2007 Meggitt PLC Disposal of S-TEC for US$38 million Meggitt PLC ("Meggitt"), the international aerospace, defence and performancesensors group, is pleased to announce the agreed sale of S-TEC Inc., to Cobhamplc for US$38m payable in cash on closing. It is anticipated that thetransaction will be completed by 31 December 2007, subject to approval from theCommittee on Foreign Investments in the United States (CFIUS). S-TEC designs, certifies and manufactures general aviation autopilots, supplyingoriginal equipment manufacturers and the aftermarket. S-TEC has a strongposition in the analogue autopilot market and is well-placed with new digitalflight control systems. Customers include Cirrus Design, Eclipse Aviation,Mooney Aircraft Corporation and New Piper Aircraft Inc. The business is nolonger considered core to Meggitt's current operations. Commenting on the disposal, Terry Twigger, Chief Executive of Meggitt, said: "I would like to take this opportunity to wish everyone at S-TEC well andexpress our thanks for all their hard work and endeavour since the business wasacquired in 2000. We at Meggitt wish the business every success in the future." 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 Meggitt PLC is an international aerospace, defence and performance sensors groupwith a consistent record of strong financial performance. Meggitt's goal is toincrease its presence in long term growth markets through proprietary productdevelopment reinforced by strategic acquisitions and investment in people andfacilities. Meggitt's well-balanced portfolio offsets variation in demand fromthe market niches within which it operates. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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