3rd Jan 2008 10:05
Cobham PLC03 January 2008 #2313 January 2008 COBHAM COMPLETES PURCHASE OF S-TEC IN THE USA FOR US$38 MILLION Cobham plc ('Cobham') announces that it has successfully completed the purchase,originally announced on 21 November 2007, of S-TEC Corporation from Meggitt plcfor a cash consideration of US$38m on a debt and cash free basis. Asanticipated, this transaction has now received approval from the Committee onForeign Investments in the United States (CFIUS). S-TEC designs, certifies and manufactures autopilots for general aviationaircraft, ranging from small single-engined to light commuter aircraft. Based atMineral Wells Airport in Texas, USA, S-TEC has a workforce of 180 people,including many skilled avionics engineers who are capable of supporting thedevelopment of Cobham products. S-TEC is an excellent technological and market fit in the development of aCobham cockpit of avionics. Original Equipment Manufacturers (OEMs) increasinglyexpect their avionics supplier to provide an autopilot solution, with the marketmoving towards the inclusion of autopilots in EFIS type displays, such asCobham's, to reduce weight, wiring and integration costs. S-TEC also has astrong presence in the retrofit market which Cobham can leverage, and positionswith many OEMs including Adam, Cirrus, Eclipse, Piper and Pilatus. ENQUIRIESCobham plcAllan Cook, Chief Executive +44 (0)1202 882020Warren Tucker, Group Financial Director +44 (0)1202 882020Julian Wais, Director of Investor Relations +44 (0)7720 999764Julian Hellebrand, Group Director of Communications +44 (0)1202 857651 Weber Shandwick FinancialSusan Ellis/Louise Robson +44 (0)20 7067 0700 NOTESCobham plc is an international company engaged in the development, delivery andsupport of advanced aerospace and defence systems for land, sea and airplatforms. Cobham specialises in the provision of components, subsystems andservices that keep people safe, improve communications and enhance theperformance of aerospace and defence platforms. Cobham Avionics and Surveillance Division designs, qualifies, manufactures,certifies and supports a comprehensive range of electronic products forairborne, marine, land and special purpose applications. The division servesthree principal markets: Avionics, Law Enforcement/National Security and Searchand Rescue. Included in the product base are fully certified Electronic FlightInstrument Systems with complete cockpit communication/navigation and sensorcapability, Cospas/SarSat certified marine, air and land Search and Rescuedevices, and state-of-the-art law enforcement tracking, monitoring andsurveillance equipment. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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