Meggitt PLC Disposal of Meggitt Training Systems (6201R)
01 Luglio 2020 - 8:00AM
UK Regulatory
TIDMMGGT
RNS Number : 6201R
Meggitt PLC
01 July 2020
1 July 2020
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
Meggitt PLC - Disposal of Meggitt Training Systems
Meggitt PLC ("Meggitt" or "the Group"), a leading international
company specialising in high performance components and sub-systems
for the aerospace, defence and energy markets, today announces the
sale of its US subsidiary, Meggitt Training Systems, to Pine Island
Capital Partners, LLC, a US private investment firm, for a cash
consideration of $146 million.
The sale, which completed on 30 June 2020, was subject to US
regulatory approval and follows a process that commenced in 2019.
The transaction is consistent with the Group's strategy to focus on
businesses of scale in markets where its leading positions offer
greater potential for growth and operational efficiencies.
Meggitt Training Systems is a leader in developing and deploying
advanced technology-enabled training systems. During the year to 31
December 2019, Meggitt Training Systems generated GBP104 million
revenue, had gross assets of GBP149 million with profits
attributable to the assets of GBP11.2 million.
The net proceeds will be used by the Group for general corporate
purposes and will further strengthen the Group's liquidity.
END
Enquiries:
Tony Wood, Chief Executive
Louisa Burdett, Chief Financial Officer
Mathew Wootton, Vice President, Head of Investor Relations
Meggitt PLC
Nick Hasell, Managing Director
Alex Le May, Managing Director
Dwight Burden, Managing Director
FTI Consulting
Tel: +44 203 727 1340
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DISWPURAQUPUGBU
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