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Meggitt sells US subsidiary for $146m
1st Jul 2020 08:06
(Sharecast News) - Meggitt has sold its US subsidiary, Meggitt Training Systems, to US private investment firm Pine Island Capital Partners for $146m in cash.
Meggitt said the sale, which completed on Tuesday, is consistent with its strategy to focus on businesses of scale in markets where its leading positions offer greater potential for growth and operational efficiencies.
Meggitt Training Systems develops and deploys advanced technology-enabled training systems. In the year to 31 December 2019, the business generated £104m in revenue, had gross assets of £149m and profits attributable to the assets of £11.2m.
The net proceeds of the sale will be used for general corporate purposes and to "further strengthen the group's liquidity".
Meggitt said the sale, which completed on Tuesday, is consistent with its strategy to focus on businesses of scale in markets where its leading positions offer greater potential for growth and operational efficiencies.
Meggitt Training Systems develops and deploys advanced technology-enabled training systems. In the year to 31 December 2019, the business generated £104m in revenue, had gross assets of £149m and profits attributable to the assets of £11.2m.
The net proceeds of the sale will be used for general corporate purposes and to "further strengthen the group's liquidity".