Disposal

Spirent PLC 20 February 2002 797- 20 February 2002 SPIRENT AGREES SALE OF AEROSPACE COMPONENT BUSINESSES Spirent plc, the international network technology company, announces that it has entered into an agreement for the sale of the equity and assets of its non- core aerospace component businesses from within its Systems group to Curtiss- Wright Corporation of the United States, for a cash consideration of $60 million (£42 million approx.). The businesses sold are involved in the design and manufacture of aerospace position sensors and control hardware, together with products for other industrial markets. Products include position sensors, aerospace fire protection systems, flap electronic control units, in-flight entertainment power supplies, primary air data computers, aerospace quick access recorders, crash protected flight recorders and cockpit voice recorders. The transaction, which is expected to complete by the end of March is subject to certain conditions. The net proceeds of the sale, after deduction of taxation and costs, will be used by Spirent for general corporate purposes including the reduction of debt. Under the terms of the deal, all of the approximately 660 employees in the businesses affected will transfer with those businesses. Combined revenues of these businesses for the year to 31 December 2001 were £43.5 million, with operating profits of £6.3 million. At 31 December 2001, the book value of the net assets to be disposed of was £14.7 million with related goodwill of £27.9 million. Nicholas Brookes, Chief Executive of Spirent, commented: 'The divestment of these businesses is a further step in our strategy to focus on high technology activities. We believe that the businesses we are divesting more logically fit with the new owners who can provide complementary manufacturing and marketing.' - ends - Enquiries: Nicholas Brookes, Chief Executive Spirent plc +44 (0)1293 767676 Eric Hutchinson, Finance Director Jon Coles/Rupert Young Brunswick (London) +44 (0)20 7404 5959 Nina Pawlak Brunswick (New York) +1 212 333 3810 Brian Magnus/Tom Hill Morgan Stanley +44 (0) 20 7425 5000 Background note: About Spirent Spirent plc is an international network technology company providing state-of- the-art solutions with a focus on high growth activities. Our Communications group unites leading edge performance analysis technology with network operations expertise, enabling customers to accelerate the development, deployment and assurance of next generation network equipment and services worldwide. Further information about Spirent plc can be found at www.spirent.com Spirent plc is listed on the London Stock Exchange (ticker: SPT) and on the New York Stock Exchange (ticker: SPM; CUSIP number: 84856M209) with one American Depositary Receipt representing four ordinary shares. Spirent and the Spirent logo are trademarks of Spirent plc. All rights reserved. About Curtiss-Wright Corporation Curtiss-Wright Corporation (NYSE: CW, CWb) is a diversified company headquartered in Lyndhurst, New Jersey. The Company designs, manufactures and overhauls products for motion control and flow control applications and additionally is a provider of metal treatment services. The firm employs approximately 2,600 people. More information on Curtiss-Wright can be found on the Internet at www.curtisswright.com. This press release may contain forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. You can identify these statements by their use of words such as 'will,' 'anticipate,' 'estimate,' 'expect,' 'project,' 'intend,' 'plan,' 'sho uld,' 'may,' 'assume' and other similar words. You should not place undue reliance on our forward-looking statements, which are not a guarantee of future performance and are subject to factors that could cause our actual results to differ materially from those expressed or implied by these statements. Such factors include: aggressive competition; our ability to develop and commercialize new products and services; risks relating to the acquisition or sale of businesses; our reliance on third party manufacturers and suppliers; our exposure to liabilities for product defects; our reliance on proprietary technology; our ability to grow in e-commerce; our ability to attract and retain qualified personnel; risks of doing business internationally; and risks of downturns in the industries in which we participate; and other risks described from time to time in Spirent plc's Securities and Exchange Commission periodic reports and filings. We undertake no obligation to update our forward- looking statements, whether as a result of new information, future events or otherwise. This information is provided by RNS The company news service from the London Stock Exchange
UK 100

Latest directors dealings