22nd Jun 2007 15:39
Meggitt PLC22 June 2007 Immediate Release 22 June 2007 Meggitt PLC Completion of K&F Industries Holdings, Inc. acquisition Meggitt PLC ("Meggitt" or "the Group"), the international aerospace, defence andelectronics group, today announces that it has completed the acquisition of K&FIndustries Holdings, Inc ("K&F"), which was first announced on 6 March 2007, foran enterprise value of approximately US$1.8 billion. K&F is a leading integratedsupplier of original equipment and aftermarket parts and services for the globalaerospace and defence industry. K&F has leading positions and its technologically sophisticated products includeprecision engineered and specialised aviation equipment, including wheels,brakes, brake control systems, flexible bladder fuel tanks, helicopterinteriors, ice guards and fuel sealants. For the year ended 31 December 2006 K&F generated adjusted operating profit fromtrading activities of US$146.4 million on turnover of US$424.1 million. The Acquisition was funded in part by a 1 for 2 rights issue at 200 pence pershare to raise approximately £424 million (net of expenses) with the balancefunded from a new debt facility. Commenting on today's announcement, Terry Twigger, Chief Executive of Meggitt,said: "We are delighted to have completed the acquisition in such a timely fashion andcan now officially welcome K&F into the Group. This transaction willsignificantly strengthen our existing position as a major internationalaerospace equipment provider." Contact: Meggitt PLC +44 (0)1202 597597 Terry Twigger, Group Chief ExecutiveStephen Young, Group Finance Director Buchanan Communications +44 (0)20 7466 5000Charles Ryland / Jeremy Garcia This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MGGT.L