Spirent PLC
30 June 2003
820 - 30 June 2003
SPIRENT PLC
SALE OF AVIATION INFORMATION SOLUTIONS BUSINESSES
Spirent plc (LSE: SPT; NYSE: SPM), a leading international network technology
company, announces that it has sold its Aviation Information Solutions
businesses (AIS) from within its Systems group to Teledyne Technologies
Incorporated for a cash consideration of $6.85 million (approximately £4.1
million). The sale does not include Spirent's aviation maintenance, repair and
overhaul software business.
AIS, with locations in the US, Canada and the UK, is a leading supplier of
integrated hardware and software solutions for the aviation industry. AIS has
approximately 100 employees and will become part of the Teledyne Controls
division.
AIS had sales of £10.8 million in the year to 31 December 2002. The estimated
book value of the businesses being sold is £3.0 million with associated
reinstated goodwill of £2.3 million.
Nicholas Brookes, Chief Executive of Spirent, said:
'AIS has a strong position in its markets and will benefit from ownership by a
company that can obtain strategic and synergistic benefits. This sale
represents a further step in our strategy of focusing on network technology
activities.'
- ends -
Enquiries
Nicholas Brookes, Chief Executive Spirent plc +44 (0)1293 767676
Eric Hutchinson, Finance Director
Investor Relations
Catherine Nash Spirent plc +44 (0)1293 767676
Media
Jon Coles Brunswick +44 (0)20 7404 5959
About Spirent
Spirent plc is an international network technology company providing
state-of-the-art systems and solutions for a broad range of customers worldwide.
Our Communications group is a worldwide provider of integrated performance
analysis and service assurance systems for next-generation network technologies.
Spirent's solutions enable customers to develop and deploy network equipment
and services more economically and efficiently by emulating real-world
conditions and assuring end-to-end performance of large-scale networks. Our
Network Products group provides innovative solutions for fastening, identifying,
insulating, organising, routing and connectivity that add value to electrical
and communication networks in a wide range of applications. Our Systems group
offers integrated product solutions for the power controls and aerospace
markets. 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.
This press release may contain forward-looking statements (as that term is
defined in the United States Private Securities Litigation Reform Act 1995)
based on current expectations or beliefs, as well as assumptions about future
events. You can sometimes, but not always, identify these statements by the use
of a date in the future or such words as 'will,' 'anticipate,' 'estimate,'
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not place undue reliance on these 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, but are not limited to: our ability to
improve efficiency and adapt to the current economic downturn and other changes
in demand; our ability to avoid a breach of our financial covenants and to
achieve certain financial requirements under our renegotiated borrowing terms;
our ability to meet and achieve the benefits of our cost reduction goals and
otherwise successfully adopt cost structures to respond to changes in business
conditions; risks that our cost cutting initiatives will impair our ability to
develop products, operate our business effectively and remain competitive; the
extent of our pension fund deficit; the effects of competition on our business;
our ability to develop and commercialise new products and services and realise
product synergies; risks relating to the acquisition or sale of businesses and
our subsequent ability to integrate businesses; changes in the business,
financial condition or prospects of one or more of our major customers and our
reliance on a limited number of customers; our reliance on third party
manufacturers and suppliers; risks of not retaining or increasing market share;
our exposure to liabilities for product defects; our reliance on proprietary
technology; our ability to attract and retain qualified personnel; risks of
doing business internationally; changes in market conditions in the markets in
which we participate or in general economic or political conditions;
fluctuations in exchange rates and heavy exposure to a weakening US dollar; and
other risks described from time to time in Spirent plc's Securities and Exchange
Commission periodic reports and filings. The Company undertakes no obligation
to update any forward-looking statements contained in this press release,
whether as a result of new information, future events or otherwise.
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