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Electronics Production | August 01, 2008

Filtronic to sell Defence Electronics business to Teledyne

Filtronic has signed a definitive agreement to sell its Defence Electronics business to Teledyne Ltd, a subsidiary of Teledyne Technologies, for £13.0 million (on a cash free debt free basis).
Filtronic’s Defence Electronics business designs and manufactures customised radio frequency, microwave and millimetre wave components and subsystems for the global defence industry and has operations in the UK and Australia. In the twelve months ended 31 May 2008, the business generated £14.5 million of revenue and £1.3 million of operating profit. As at 31 May 2008, Filtronic’s Defence Electronics business had gross assets of £7.4 million.

The consideration consists of a cash payment of £13.0 million (subject to the repayment of intra-group debt) and is subject to a working capital adjustment at completion. The proceeds of the transaction will be retained within Filtronic’s general corporate resources. The transaction is subject to customary closing conditions and to the Secretary of State for Defence not referring the transaction to the Office of Fair Trading before the date of completion. The transaction is expected to complete by the end of August 2008.

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