Meggitt PLC - Disposal of Meggitt Training Systems
Meggitt PLC ("Meggitt" or "the Group"), a leading international company specialising in high performance components and sub-systems for the aerospace, defence and energy markets, today announces the sale of its US subsidiary, Meggitt Training Systems, to Pine Island Capital Partners, LLC, a US private investment firm, for a cash consideration of $146 million.
The sale, which completed on 30 June 2020, was subject to US regulatory approval and follows a process that commenced in 2019. The transaction is consistent with the Group's strategy to focus on businesses of scale in markets where its leading positions offer greater potential for growth and operational efficiencies.
Meggitt Training Systems is a leader in developing and deploying advanced technology-enabled training systems. During the year to 31 December 2019, Meggitt Training Systems generated £104 million revenue, had gross assets of £149 million with profits attributable to the assets of £11.2 million.
The net proceeds will be used by the Group for general corporate purposes and will further strengthen the Group's liquidity.