10 May 2018 11:24
10 May 2018
Laird PLC
Disposal
Laird PLC today announces the disposal of its 51% stake in Model Solution ("the Disposal"), its South Korea-based prototyping business, to global tyre company Hankook Tire Co., Ltd. for a total consideration of KRW 46.67 billion ($43.6m).
Model Solution, based in Seoul, specialises in designing and manufacturing prototypes, with expertise in precision prototyping, design support, tooling, low volume manufacturing and 3D printing. It services a wide range of industries, including aerospace, automotive, consumer, medical and industrial.
At 31 December 2017, Model Solution had revenues of $44.6m, underlying operating profit of $2.9m and net assets of $55m.
Laird acquired its 51% shareholding in April 2014 for KRW 35.7 billion ($34.4m). Proceeds of the Disposal will serve to reduce group debt.
The transaction is subject to South Korean regulatory approvals. Assuming satisfaction of all closing conditions and approvals, the transaction is expected to close within 60 days.
This disposal has no impact on the process for the acquisition of Laird by Advent International, who have been informed of the transaction.
ENDS
Enquiries:
Laird PLC | MHP Communications | |
Tony Quinlan, Chief Executive Officer Kevin Dangerfield, Chief Financial Officer Richard Harris, Head of Investor Relations
| Reg Hoare Tim Rowntree Ollie Hoare |
|
Tel: +44 (0)20 7468 4040 | Tel: +44 (0)20 3128 8100 | |
Notes to editors:
BDA Partners acted as exclusive financial advisor to Laird PLC on the transaction.
About Laird PLC:
Laird is a global technology company providing systems, components and solutions that protect electronics from electromagnetic interference and heat, and that enable connectivity in mission-critical wireless applications and antennae systems.