Disposal of Meggitt Target 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 that it has sold Meggitt Target Systems to QinetiQ Group plc for £57.5 million in cash.
During the year to 31 December 2015, Meggitt Target Systems generated £26.1 million revenue and £4.9 million EBITDA. Meggitt has agreed with the trustee to pay £10.2 million of the sale proceeds into the Meggitt Pension Plan to reduce the deficit.
This transaction is consistent with Meggitt’s strategy to focus on businesses of scale in attractive markets where our leading positions offer greater potential for growth and operational efficiencies.
ENDS
Enquiries:
Meggitt PLC
Stephen Young – Chief Executive
Doug Webb – Chief Financial Officer
Adrian Bunn – VP Strategy & Investor Relations
Fiona Greig – Group Head of Communications
+44 (0) 1202 597 597
FTI Consulting
Deborah Scott
Nick Hasell
+44 (0) 20 3727 1340