Meggitt sells Sunbank connectors business

20th Dec 2013 15:53

Meggitt has disposed of its Sunbank connectors business to Esterline Corporation. The aerospace, defence and energy group will receive a cash consideration of $45m for the business, which supplies products such as fibre-optic connectors and electrical backshells and accessories for the aerospace sector. The deal is subject to customary post-closing adjustments to working capital and the also includes an earn-out of up to $5m."I am very pleased with the successful execution of this transaction," said Meggitt Equipment Group's President, David Johnson. "We have achieved good value for our shareholders, and have found an excellent home for the business."Shares fell 0.19% to 515p at 15:57 on Friday. RD