19th Jun 2007 14:36
BBA Aviation PLC19 June 2007 19 June 2007 BBA AVIATION ANNOUNCES SALE OF OXFORD AVIATION TRAINING BBA Aviation Plc ("BBA") today announces that it has agreed to sell its OxfordAviation Training business ("OAT") to GCAT Flight Academy for £32 million incash and will retain cash of c. £5 million as part of the transaction. Thetransaction will produce an exceptional profit on disposal of c. £20 millionwith tax leakage expected to be minimal. Completion is expected to take placewithin the next two weeks. OAT, based at Oxford Airport, is one of the world's leading airline pilottraining establishments, and has been supplying trained pilots to air operatorsacross the world for over forty years. In the year ended 31 December 2006, OAThad a turnover of £18.5 million. Commenting on the disposal, BBA Aviation's new Chief Executive Simon Pryce said: "I am delighted that Oxford Aviation Training is joining GCAT. GCAT is a marketleader in the Pilot Type Rating Training sector and becoming part of a widertraining group will be of substantial benefit to the OAT business and its staff,enabling it to consolidate its position in the European market place and beyond. We are continuing with the process of rationalising our portfolio and the saleof Oxford Aviation Training further increases BBA Aviation's focus on its coreFlight Support and Aftermarket Services and Systems activities. The proceeds ofthe sale will be invested in these core businesses, where we see a number ofopportunities for consolidation." EnquiriesBBA Aviation plc 020 7514 3999Simon Pryce, Group Chief ExecutiveAndrew Wood, Group Finance Director Brunswick Group 020 7404 5959Lucie Anne BrailsfordJemma Hill Notes to Editors BBA Aviation is a world leader in aviation services focusing on Aviation FlightSupport and Aftermarket Services and Systems. BBA Aviation provides flightsupport services for corporate and commercial aviation customers as well asmaintenance, repair, overhaul and spare parts for aircraft engines. It alsosupplies aviation components, landing gear and hydraulic systems. These areattractive niches in a $250 billion market with clear barriers to entry, whereBBA has leading positions, well-known and reputable brands and a proven trackrecord of organic and acquisition-led growth. BBA Aviation was formerly part of BBA Group, but following the demerger ofFiberweb, in November 2006 it became a stand-alone aviation services business. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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