Disposal

RNS Number : 0045K

QinetiQ Group plc

07 July 2011

 



QinetiQ Group plc

London Stock Exchange announcement

Issue date:  7 July 2011

QinetiQ disposes of US oil and fuel analysis instrumentation business

QinetiQ Group plc today announces that it has agreed to the sale of Spectro Inc., a supplier of oil and fuel analysis instrumentation based in Littleton, Massachusetts. 

The disposal to SFW Capital Partners is for a total cash consideration of $20.5m which is expected to generate approximately $17m net proceeds after tax and costs.

The sale of Spectro, which was part of QinetiQ's Global Products business and had revenues of $19.5m in the year ended 31 March 2011, is in line with QinetiQ's commitment to focus on its core capabilities.

ENDS

About QinetiQ

A FTSE250 company, QinetiQ uses its domain knowledge to provide technical advice to customers in the global aerospace, defence and security markets. QinetiQ's unique position enables it to be a trusted partner to government organisations, predominantly in the UK and the US, including defence departments, intelligence services and security agencies.  

For further information please contact:

Media relations:       

QinetiQ press office                                                  [phone]

Liz Morley, Maitland                                                  [phone]

Brian Hudspith, Maitland                                          [phone]

Investor relations:     

David Bishop, QinetiQ                                             [phone]

 

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