Meggitt disposes of piezoelectric ceramic components unit

13th Apr 2022 07:08

(Sharecast News) - Aerospace firm Meggitt has disposed of its piezoelectric ceramic components manufacturing unit to CTS Ceramics Denmark A/S for £59.0m in cash, subject to net debt and working capital adjustments.

The FTSE 100-listed firm said on Wednesday that the disposal of Meggitt A/S was consistent with its strategy of developing "sustainable and differentiated technologies" for its core end markets in aerospace, defence, and energy.

Meggitt A/S had gross assets of £23.0m on 31 December, including goodwill and other intangible assets arising on the original acquisition of the business, and delivered £2.9m in pre-tax profits in the 2021 financial year.

Cash proceeds will be paid on completion and be used to pay down debt and for general corporate purposes.