9th Mar 2006 09:02
Cobham PLC09 March 2006 The following amendment has been made to RNS number 5293Z. The third paragraphhas been revised for further clarity. 9 March 2006 COBHAM ANNOUNCES DISPOSAL OF COUNTERMEASURES BUSINESSES Cobham is pleased to announce that in accordance with its strategy to focus oncore technologies in rapidly growing markets, the Group has reached agreement tosell its two countermeasures businesses, Wallop Defence Systems Limited (WDSL)and FR Countermeasures Inc (FRC), to Esterline Technologies Inc (Esterline) ofthe United States. The maximum total consideration for WDSL is £43.75m, in cash, of which £10m iscontingent upon the future performance of WDSL (the outcome of which is expectedto be finalised during 2006). The sale of WDSL remains subject to the approvalof the German competition authorities and is expected to be completed by April2006. The maximum total consideration for FRC is £6.1m. The initial consideration is£3.2m*, comprising of £0.6m in cash and the assumption by Esterline of certainliabilities of FRC. A further £2.9m* becomes payable once the sale of WDSL iscompleted. Allan Cook, Cobham Chief Executive, said: "The sale of these businesses is another milestone in the execution of our strategy. We will use the proceeds to fund organic and acquisitive growth in high technology markets where we have competitive advantage and value creation opportunities." * translated at an exchange rate of USD1.73/£1 NOTESCobham plc - with five technology divisions and one in a service sector, theGroup designs and manufactures equipment, specialised systems and components forthe aerospace, defence, communications, law enforcement and national securitymarkets, and operates, maintains and modifies aircraft, particularly in relationto special mission flight operations. ENQUIRIESCobham plcAllan Cook, Chief Executive +44 (0)1202 882020Warren Tucker, Group Financial Director Weber Shandwick Square MileSusan Ellis/Kirsty Raper +44 (0)20 7067 0700 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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