Meggitt announces the agreed sale of S-TEC to Cobham PLC

 

REG-Meggitt PLC Disposal

Released: 21/11/2007

RNS Number:1560I
Meggitt PLC
21 November 2007


Immediate release
21 November 2007

Meggitt PLC

Disposal of S-TEC for US$38 million

Meggitt PLC ("Meggitt"), the international aerospace, defence and performance sensors group, is pleased to announce the agreed sale of S-TEC Inc., to Cobham plc for US$38m payable in cash on closing. It is anticipated that the transaction will be completed by 31 December 2007, subject to approval from the Committee on Foreign Investments in the United States (CFIUS).

S-TEC designs, certifies and manufactures general aviation autopilots, supplying original equipment manufacturers and the aftermarket. S-TEC has a strong position in the analogue autopilot market and is well-placed with new digital flight control systems. Customers include Cirrus Design, Eclipse Aviation, Mooney Aircraft Corporation and New Piper Aircraft Inc. The business is no longer considered core to Meggitt's current operations.

Commenting on the disposal, Terry Twigger, Chief Executive of Meggitt, said:

"I would like to take this opportunity to wish everyone at S-TEC well and express our thanks for all their hard work and endeavour since the business was acquired in 2000. We at Meggitt wish the business every success in the future."

For further information, please contact:

Meggitt PLC
Terry Twigger, Group Chief Executive
Stephen Young, Group Finance Director
Office: +44 1202 597597

Buchanan Communications
Charles Ryland
Jeremy Garcia
Office : +44 20 7466 5000

Notes to Editors About Meggitt Meggitt PLC is an international aerospace, defence and performance sensors group with a consistent record of strong financial performance. Meggitt's goal is to increase its presence in long term growth markets through proprietary product development reinforced by strategic acquisitions and investment in people and facilities. Meggitt's well-balanced portfolio offsets variation in demand from the market niches within which it operates.

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