Business
Disposal
Disposal.
About this update from Filtronic Plc
[{"type":"text","content":"\n RNS Number : 4356A Filtronic PLC 01 August 2008 \n \n1 August 2008\n\nFiltronic agrees to sell Defence Electronics business to Teledyne\n\nFiltronic PLC ('Filtronic') today announced that it has signed a definitive agreement to sell its Defence Electronics business to Teledyne Limited, a subsidiary of Teledyne Technologies Incorporated, for £13.0 million (on a cash free debt free basis).\n\nFiltronic's Defence Electronics business designs and manufactures customised radio frequency, microwave and millimetre wave components and subsystems for the global defence industry and has operations in the United Kingdom and Australia. In the twelve months ended 31 May 2008, the business generated £14.5 million of revenue and £1.3 million of operating profit. As at 31 May 2008, Filtronic's Defence Electronics business had gross assets of £7.4 million. \n\nThe consideration consists of a cash payment of £13.0 million (subject to the repayment of intra-group debt) and is subject to a working capital adjustment at completion. The proceeds of the transaction will be retained within Filtronic's general corporate resources. The transaction is subject to customary closing conditions and to the Secretary of State for Defence not referring the transaction to the Office of Fair Trading before the date of completion. The transaction is expected to complete by the end of August 2008.\n\nSubsequent to this disposal, the company will focus on its Point to Point business.\n\nAfter completion, the company's balance sheet will contain around £40m (c 55p per share) in cash and it is the intention of the Board to declare another special dividend.\n\nEnquiries:\n\n\n\n\n\nFiltronic \n\n\nTel: \n\n\n\n\nJohn Poulter, Chairman\n\n\n01274 535 620\n\n\n\n\nCharles Hindson, Chief Executive\n\n\n07800 706 319\n\n\n\n\n\n\n\n\n\n\n\n\nHawkpoint Partners Limited\n\n\nTel: 020 7665 4500\n\n\n\n\n(financial adviser to Filtronic)\n\n\n\n\n\n\n\nSimon Eccles-Williams\n\n\n\n\n\n\n\nRobin Stürken\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nParkgreen Communications Ltd \n\n\nTel: 020 7933 8780\n\n\n\n\n(PR adviser to Filtronic)\n\n\nMob: 07980 541 893\n\n\n\n\nPaul McManus\n\n\[email protected]\n\n\n\n\n\nImportant information:\n\nThis announcement is made by Filtronic and is the sol...