LONDON, UK: Meggitt Plc, a leading international engineering company specialising in high performance components and sub-systems for the aerospace, defence and selected energy markets, announced the disposal of Meggitt A/S to CTS Ceramics Denmark A/S for cash consideration of £59 million (DKK525million) subject to net debt and working capital adjustments.
Meggitt A/S is a manufacturer of high performance piezoelectric ceramic components for medical and industrial applications. The disposal is consistent with Meggitt’s strategy of developing sustainable and differentiated technologies for its core end markets in aerospace, defence and energy and follows a number of disposals over the last four years.
Meggitt A/S had gross assets of £23m (including goodwill and other intangible assets arising on the original acquisition of the business) as at 31 December 2021 and profit before tax of £2.9m in the 2021 financial year.
Completion is subject to receipt of requisite regulatory approvals and the satisfaction of other customary closing conditions. The cash proceeds to be paid on completion will be used to pay down debt and for general corporate purposes.