QinetiQ Group plc
18 January 2008
QinetiQ Group plc
18 January 2008
QinetiQ agrees to purchase Aerostructures Group.
QinetiQ Group plc, announces today that it has signed an agreement to purchase
Aerostructures, Group a Melbourne Australia based business from its current
owner, Elmer B Lammon, for cash consideration of A$11m.
The principal business of Aerostructures Group is the analyses and assessment of
aircraft and helicopter structures with emphasis on fleet support, usage
monitoring and prolonging service life. It also delivers specialist engineering
professional development training in Australia, New Zealand and Asia and
undertakes Non-Destructive Testing management, design and inspection services.
The business employs 90 people and reported revenues of A$13m in the year ended
30 September 2007. This acquisition is subject to Commonwealth of Australia
regulatory approval and is expected to complete by the end of February 2008.
This acquisition follows the announcement earlier this month of QinetiQ's
purchase of two other Australian defence consulting businesses - Ball Solutions
Group and Novare Group - which collectively will establish a QinetiQ business in
Australia of 288 employees with a turnover of A$48m. These acquisitions
represent the continuing execution of QinetiQ's strategy to grow its Europe,
Middle East and Australasia (EMEA) capabilities. They will enhance QinetiQ's
portfolio of defence and aerospace-based expertise, provide additional routes to
market and broaden QinetiQ's customer base through existing relationships and
contractual arrangements.
Commenting on the acquisition Clive Richardson, QinetiQ's Chief Operating
Officer for Europe, Middle East and Australasia, said: 'Aerostructures is a
leader in aircraft structural assessment in Australia and like Ball and Novare
has synergies with QinetiQ's capability in the UK. The three recent acquisitions
we have announced in Australia will provide us with a tangible operational
footprint in this growing market. They reflect our confidence in the strength of
the Australian defence market and QinetiQ will continue to seek further
expansion opportunities in the region.'
Further Enquiries:
QinetiQ Group plc
Adrian Colman, Investor Relations Tel: +44-1252-395366
David Bishop, Media Relations Tel: +44-1252-394573
This information is provided by RNS
The company news service from the London Stock Exchange
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