24 Apr 2015 07:00
24 April 2015
Divestment of Weinschel and Inmet Businesses for US$80m
Cobham today announces that it has reached agreement to divest its Weinschel and Inmet businesses to API Technologies Corp. for US$80m in cash, payable on completion. The transaction will complete once customary regulatory approvals have been received.
Weinschel and Inmet were acquired by Cobham as part of the Aeroflex acquisition in September 2014. Weinschel, based in Frederick, Maryland, and Inmet, based in Ann Arbor, Michigan, design, develop and manufacture radio frequency and microwave components and subsystems.
These businesses possess a high volume, high product mix operating model that is inconsistent with Cobham's strategic direction and underlying style of competition. The divestment is therefore consistent with Cobham's strategy to build and expand scale positions across its portfolio.
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ENQUIRIES
Cobham plc | |
Julian Wais, Director of Investor Relations | +44 (0)1202 857998 |
Brunswick | |
Michael Harrison/Charles Pemberton | +44 (0)20 7404 5959 |
NOTES
1. Cobham protects lives and livelihoods with its differentiated technology and know-how. The Group offers an innovative range of technologies and services to solve challenging problems across commercial, defence and security markets, from deep space to the depths of the ocean. It has market leading positions in air-to-air refueling; aviation services; wireless; audio, video and data communications, including satellite communications; defence electronics; life support and mission equipment.