Spirent PLC
16 August 2004
834 - 16 August 2004
SPIRENT PLC
Sale of Aerospace software Business
Spirent plc (LSE: SPT; NYSE: SPM), a leading communications technology company,
announces that it has sold its aerospace maintenance, repair and overhaul
software business (MRO) from within its Systems group for a cash consideration
of $5.35 million (approximately £2.9 million).
MRO, with operations in San Diego, California and Yeovil, Somerset, is a
supplier of ground-based logistics support and maintenance, repair and overhaul
software systems for the civil and military aviation markets. In the year to 31
December 2003, MRO had sales of £8.7 million.
The net proceeds of the sale will be used to pre-pay $5.0 million (£2.7 million)
of Spirent's senior notes. After the application of the net sale proceeds
Spirent will have $124.8 million (£68.6 million) of notes outstanding.
Anders Gustafsson, Chief Executive, said:
'MRO has an established position in its market and should have every opportunity
to move forward under its new ownership. The sale of MRO is the last in the
series of strategic divestments of our aerospace businesses.'
- ends -
Enquiries
Anders Gustafsson, 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/Rupert Young Brunswick +44 (0)20 7404 5959
About Spirent
Spirent is a leading communications technology company focused on delivering
innovative systems and services to meet the needs of customers worldwide. We
are a global provider of performance analysis and service assurance solutions
that enable the development and deployment of next-generation networking
technologies such as broadband services, Internet telephony, 3G wireless and web
applications and security testing. Our Network Products business is a developer
and manufacturer of innovative solutions for fastening, identification,
protection and connectivity in electrical and communications networks marketed
under the global brand HellermannTyton. The Systems group comprises PG Drives
Technology which develops power control systems for specialist electrical
vehicles in the mobility and industrial markets. Further information about
Spirent plc can be found at www.spirent.com
Spirent Ordinary shares are traded on the London Stock Exchange (ticker: SPT)
and on the New York Stock Exchange (ticker: SPM; CUSIP number: 84856M209) in the
form of American Depositary Shares (ADS), represented by American Depositary
Receipts, with one ADS representing four Ordinary shares.
Spirent and the Spirent logo are trademarks or registered trademarks of Spirent
plc. All other trademarks or registered trademarks mentioned herein are held by
their respective companies. All rights reserved.
This press release may contain forward-looking statements that are based on
current expectations or beliefs, as well as assumptions about future events. By
their nature, forward-looking statements are inherently predictive, speculative
and involve risk and uncertainty because they relate to events and depend on
circumstances that will occur in the future. You should 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. These risks include the 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.
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.