26th Jul 2006 07:01
Cobham PLC26 July 2006 26 July 2006 COBHAM DISPOSES OF DRAGER AEROSPACE GMBH AND SLINGSBY AVIATION LTD. Cobham plc ("Cobham" or the "Group") announces today the disposal of DragerAerospace GmbH ("Drager") to B/E Aerospace, Inc ("B/E Aerospace") for a totalconsideration of €64m, on a debt and cash free basis, payable in cash today andthe disposal of Slingsby Aviation Limited ("Slingsby") to local management for anominal cash sum. The disposals are expected to be mildly enhancing to earningsper share. The disposals of Drager and Slingsby are in line with the Group's strategy tofocus on its leadership positions across the high technology growth segments ofthe aerospace and defence markets. Drager supplies chemical and gaseous aviation oxygen components. Commercialoxygen is increasingly being included in cabin interior offerings which includea broad range of products including seating, lighting, food and beveragepreparation and storage. This is not an area of technology focus for Cobham. Slingsby is a supplier of composite structures for submarines, hovercraft,ships, trains and aircraft and was announced to be non core in the preliminaryresults on 9 March 2006. Allan Cook, Cobham Chief Executive, said, "The sale of these businesses is another milestone in the execution of ourstrategy. We will use the proceeds to fund organic and acquisitive growth inhigh technology markets where we have competitive advantage and value creationopportunities." NOTES TO EDITOR Cobham plc is an international company engaged in the development, delivery andsupport of advanced aerospace and defence systems for land, sea and airplatforms. The company has five technology divisions and one in the servicesector that collectively specialise in the provision of components, sub-systemsand services that keep people safe, improve communications and enhance theperformance of aerospace and defence platforms. B/E Aerospace, Inc. is a leading manufacturer of aircraft cabin interiorproducts, and a leading aftermarket distributor of aerospace fasteners. B/EAerospace designs, develops and manufactures a broad range of products for bothcommercial aircraft and business jets. B/E Aerospace manufactured productsinclude aircraft cabin seating, lighting, oxygen, and food and beveragepreparation and storage equipment. The company also provides cabin interiordesign, reconfiguration and passenger-to-freighter conversion services. ENQUIRIES Cobham plc +44 (0)1202 882020Allan Cook, Chief ExecutiveWarren Tucker, Group Financial DirectorJulian Wais, Director of Investor Relations +44 (0)1202 857998 Weber Shandwick Square Mile +44 (0)20 7067 0700Susan Ellis / Kirsty Raper This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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