Meggitt PLC Disposal of Precision Micro (8092L)

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RNS Number : 8092L

Meggitt PLC

24 April 2018

24 April 2018

Meggitt PLC

("Meggitt")

Disposal of Precision Micro

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 that it has sold Precision Micro, specialists in production photo etching for the automotive and medical sectors, to LDC, the private equity arm of Lloyds Banking Group for GBP22.5 million in cash. During the year to 31 December 2017, Precision Micro generated GBP15 million revenue.

This transaction is consistent with Meggitt's strategy to focus on businesses of scale in attractive markets where our leading positions offer greater potential for growth and operational efficiencies.

Enquiries

Meggitt PLC [phone]

Adrian Bunn, Vice President Strategy and Investor Relations

FTI Consulting [phone]

Deborah Scott, Senior Managing Director

Nick Hasell, Managing Director

Cautionary statement

This trading update, including information included or incorporated by reference in this trading update, may contain forward-looking statements concerning Meggitt PLC or its group. Generally, the words "will", "may", "should", "continue", "believes", "expects", "intends", "anticipates" or similar expressions identify forward-looking statements. Such forward-looking statements involve risks, uncertainties and other important factors which could cause the actual results, performance or achievements of the Meggitt group or the market and economies in which the Meggitt group operates to be materially different from those expressed or implied by such forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the ability of Meggitt PLC or its directors to control or estimate precisely, such as future market conditions and the behaviours of other market participants, and therefore undue reliance should not be placed on such statements, which speak only as at the date of this trading update. Neither Meggitt PLC, nor any of its group undertakings, nor the directors of any of them, assumes any obligations to, and do not intend to, update these forward-looking statements, except as required pursuant to applicable law.

This information is provided by RNS

The company news service from the London Stock Exchange

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April 24, 2018 02:00 ET (06:00 GMT)