Completion of Disposal

RNS Number : 0769O

CML Microsystems PLC

05 February 2021

 

CML Microsystems Plc

("CML" or the "Group")

Completion of Disposal

CML Microsystems Plc (CML.L) is pleased to announce that, following the receipt of the necessary regulatory approval and other customary closing conditions being met, it has completed the sale of Hyperstone, the Group's storage division, to Swissbit, a specialist producer of industrial-grade data-storage and embedded IoT solutions (the "Disposal").

As previously announced on 10 December 2020, the Disposal reflects a strategic decision made by the Board to refocus the Group exclusively on the global communications market which represents a large and high growth market opportunity.

Swissbit acquired Hyperstone for $49m, on a cash free debt free basis. The proceeds of the Disposal will provide the Group with the financial flexibility to maximise its future growth potential.

CML Microsystems Plc Chris Gurry, Group Managing Director Nigel Clark, Group Chairman & Financial Director	www.cmlmicroplc.com Tel: [phone]
Shore Capital Edward Mansfield James Thomas Fiona Conroy - Corporate Broking	Tel: [phone]
SP Angel Corporate Finance LLP Jeff Keating	Tel: [phone]
Alma PR Josh Royston Caroline Forde Robyn Fisher	Tel: [phone]

About CML Microsystems PLC

CML develops mixed-signal, RF and microwave semiconductors for global communications markets. The Group utilises a combination of outsourced manufacturing and in-house testing with trading operations in the UK, Asia and USA. CML targets sub-segments within Communication markets with strong growth profiles and high barriers to entry. It has secured a diverse, blue chip customer base, including some of the world's leading commercial and industrial product manufacturers.

The spread of its customers and diversity of the product range largely protects the business from the cyclicality usually associated with the semiconductor industry. Growth in its end markets is being driven by factors such as the appetite for data to be transmitted faster and more securely, the upgrading of telecoms infrastructure around the world and the growing prevalence of private commercial wireless networks for voice and/or data communications linked to the industrial internet of things (IIoT).

The Group is cash-generative, has no debt and is dividend paying.

 

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