1st Nov 2005 14:06
Cobham PLC01 November 2005 Cobham plc1 November 2005 Completion of the Disposal of Cobham's Fluid and Air Division On 13 September 2005, Cobham plc (Cobham) announced the disposal of its Fluidand Air group of companies to Eaton Corporation of the United States for a cashconsideration of £150 million, on a debt and cash free basis. Cobham announces today that all necessary regulatory approvals relating to thedisposals of FR-HiTEMP Limited, FR-HiTEMP Inc and Stanley Aviation Corporationhave been received and these sales have now been completed. The sale of the shares in Stanley Corporation Europe SAS for £0.04 million isstill outstanding, pending the consent of the French Ministry of Economy andFinance. This sale is expected to take place before the end of the year. Cobham has agreed a withdrawal arrangement with the Trustees of the CobhamPension Plan whereby £24 million of the disposal proceeds have been paid intothe Cobham Pension Plan to reduce the scheme deficit. This amount equates to thedeficit attributable to FR-HiTEMP Limited employees calculated on an actuarialbasis. This arrangement was highlighted in the 13 September announcement and hasbeen approved by the Pension Regulator. Allan Cook, Cobham Chief Executive, said, "The disposal of the Fluid and Air group of companies to Eaton Corporation hasbeen completed efficiently and smoothly, and will enable us to focus on furtherinvestments in technology. We continue to actively review our business portfolioas we drive to become a more focused, more capable and higher-performing Group." NOTES TO EDITORCobham plc - with five technology divisions and one in a service sector, Cobhamdesigns and manufactures equipment, specialised systems and components for theaerospace, defence, communications, law enforcement and national securitymarkets, and operates, maintains and modifies aircraft, particularly in relationto special mission flight operations. ENQUIRIESCobham plc Tel: +44 (0)1202 882020Allan Cook, Chief ExecutiveWarren Tucker, Group Financial Director Dresdner Kleinwort Wasserstein Tel: +44 (0)20 7623 8000Mark HammondClaude Herskovits Weber Shandwick Square Mile Tel: +44 (0)20 7067 0749John ColesSusan Ellis This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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