Electronics Production | August 10, 2005
Filtronic Handset Division Sold
UK based Telecom specialisy Filtronic PLC, has sold its Finnish mobile handset antenna business, LK Products OY, to Technitrol, Inc.
Filtronic, an original designer and global manufacturer of microwave electronic subsystems for the wireless telecommunications and defence industries, announces the agreed disposal of its Finnish mobile handset antenna business, LK Products OY ("LK"), to Technitrol, Inc (NYSE - TNL), a worldwide producer of electronic components and electrical contact products and other products to a diversity of electronics-based and electrical industries, for an initial consideration of ?67 million (approximately £46.6m or approximately $82.8 million). In addition, the terms of the purchase include a revenue-based deferred consideration whereby Technitrol will pay Filtronic one Euro for each Euro of revenue in excess of ?85 million achieved by LK for the 12 months ending 31 May 2006. Closing of the transaction is expected before 30 September 2005. The consideration proceeds are being financed either entirely with cash on hand or with a combination of cash and credit under Technitrol's multi-currency credit facility. LK is a specialist in the provision of internal antennas for mobile handsets, with an estimated global market share of about 16%. It is based in Kempele, Finland and has additional production operations in China and Hungary, with offices in South Korea and San Diego, California. LK contributed 17%, or £50 million (2004 restated: £60.2 million), of Filtronic's total group sales of £262.9 million in its financial year ended 31 May 2005 (2004 restated: £245.1 million) and made an operating profit of £3.6 million (2004 restated: £11.2 million). As at 31 May 2005, LK represented consolidated gross assets of approximately £48 million, including goodwill of approximately £27m.
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