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Disposal

7th Jul 2011 16:00

RNS Number : 0045K
QinetiQ Group plc
07 July 2011
 



 

 

QinetiQ Group plc

 

London Stock Exchange announcement

 

Issue date: 7 July 2011

 

QinetiQ disposes of US oil and fuel analysis instrumentation business

 

QinetiQ Group plc today announces that it has agreed to the sale of Spectro Inc., a supplier of oil and fuel analysis instrumentation based in Littleton, Massachusetts.

 

The disposal to SFW Capital Partners is for a total cash consideration of $20.5m which is expected to generate approximately $17m net proceeds after tax and costs.

 

The sale of Spectro, which was part of QinetiQ's Global Products business and had revenues of $19.5m in the year ended 31 March 2011, is in line with QinetiQ's commitment to focus on its core capabilities.

 

ENDS

 

About QinetiQ

 

A FTSE250 company, QinetiQ uses its domain knowledge to provide technical advice to customers in the global aerospace, defence and security markets. QinetiQ's unique position enables it to be a trusted partner to government organisations, predominantly in the UK and the US, including defence departments, intelligence services and security agencies.

 

 

For further information please contact:

 

Media relations:

QinetiQ press office +44 (0) 1252 393500

Liz Morley, Maitland +44 (0) 7798 683108

Brian Hudspith, Maitland +44 (0) 7771 825606

 

Investor relations:

David Bishop, QinetiQ +44 (0) 7920 108675

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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