27th Jun 2005 07:01
Cobham PLC27 June 2005 For release at 7.00am 27 June 2005 DISPOSAL OF COBHAM FLUID SYSTEMS PRODUCTS DIVISION FOR £8 MILLION Cobham announces that it has agreed the disposal, subject to regulatoryapproval, of the trade and assets of Cobham Fluid Systems Limited productsdivision (part of Cobham's Aerospace Systems Group) to Meggitt PLC. Theconsideration of £8 million, which is subject to a working capital adjustment,is payable in cash on completion. This is anticipated to take place in Q3 2005. Cobham Fluid Systems products division, based in Blandford, Dorset, UK, wasoriginally a small part of the business acquired from BAE Systems plc in 2000,the majority of which Cobham integrated into FR Hi-TEMP. The business has 52employees and designs, develops, manufactures and distributes products for usein the treatment, handling and distribution of specialist fluids and gases inrespect of non airborne applications. Its turnover in the year ended 31 December2004 was £6.7m. Commenting on the disposal Allan Cook, Chief Executive, Cobham, said:'The disposal of this division is in line with our stated objectives of focusingon our core business of aerospace and defence. The net proceeds will bereinvested in the development of niche positions within these core markets.' NOTES TO EDITOR Cobham plc - Cobham designs and manufactures equipment, specialised systems andcomponents supplied to the aerospace, defence, homeland security, search andrescue and communications markets and operates, modifies and maintains aircraftfor military training, special mission flight operations and outsourced freightand passenger services. ENQUIRIES Cobham plc Allan CookChief Executive Telephone +44 (0) 1202 882 020 Warren TuckerGroup Financial Director Telephone +44 (0) 1202 882 020 Weber Shandwick Square MileKirsty Raper, Director Telephone +44 (0) 207 067 0722 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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