LONDON, UK, June 30, 2003 (PRIMEZONE) -- Spirent plc (LSE:SPT) (NYSE:SPM), a leading international network technology company, announces that it has sold its Aviation Information Solutions businesses (AIS) from within its Systems group to Teledyne Technologies Incorporated for a cash consideration of $6.85 million (approximately GBP4.1 million). The sale does not include Spirent's aviation maintenance, repair and overhaul software business.
AIS, with locations in the US, Canada and the UK, is a leading supplier of integrated hardware and software solutions for the aviation industry. AIS has approximately 100 employees and will become part of the Teledyne Controls division.
AIS had sales of GBP10.8 million in the year to December 31, 2002. The estimated book value of the businesses being sold is GBP3.0 million with associated reinstated goodwill of GBP2.3 million.
Nicholas Brookes, Chief Executive of Spirent, said:
"AIS has a strong position in its markets and will benefit from ownership by a company that can obtain strategic and synergistic benefits. This sale represents a further step in our strategy of focusing on network technology activities."
About Spirent
Spirent plc is an international network technology company providing state-of-the-art systems and solutions for a broad range of customers worldwide. Our Communications group is a worldwide provider of integrated performance analysis and service assurance systems for next-generation network technologies. Spirent's solutions enable customers to develop and deploy network equipment and services more economically and efficiently by emulating real-world conditions and assuring end-to-end performance of large-scale networks. Our Network Products group provides innovative solutions for fastening, identifying, insulating, organising, routing and connectivity that add value to electrical and communication networks in a wide range of applications. Our Systems group offers integrated product solutions for the power controls and aerospace markets. Further information about Spirent plc can be found at www.spirent.com.
Spirent plc is listed on the London Stock Exchange (ticker: SPT) and on the New York Stock Exchange (ticker: SPM; CUSIP number: 84856M209) with one American Depositary Receipt representing four Ordinary shares.
Spirent and the Spirent logo are trademarks of Spirent plc. All rights reserved.
This press release may contain forward-looking statements (as that term is defined in the United States Private Securities Litigation Reform Act 1995) based on current expectations or beliefs, as well as assumptions about future events. You can sometimes, but not always, identify these statements by the use of a date in the future or such words as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "should," "may," "assume" and other similar words. By their nature, forward-looking statements are inherently predictive and speculative and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance and are subject to factors that could cause our actual results to differ materially from those expressed or implied by these statements. Such factors include, but are not limited to: our ability to improve efficiency and adapt to the current economic downturn and other changes in demand; our ability to avoid a breach of our financial covenants and to achieve certain financial requirements under our renegotiated borrowing terms; our ability to meet and achieve the benefits of our cost reduction goals and otherwise successfully adopt cost structures to respond to changes in business conditions; risks that our cost cutting initiatives will impair our ability to develop products, operate our business effectively and remain competitive; the extent of our pension fund deficit; the effects of competition on our business; our ability to develop and commercialise new products and services and realise product synergies; risks relating to the acquisition or sale of businesses and our subsequent ability to integrate businesses; changes in the business, financial condition or prospects of one or more of our major customers and our reliance on a limited number of customers; our reliance on third party manufacturers and suppliers; risks of not retaining or increasing market share; our exposure to liabilities for product defects; our reliance on proprietary technology; our ability to attract and retain qualified personnel; risks of doing business internationally; changes in market conditions in the markets in which we participate or in general economic or political conditions; fluctuations in exchange rates and heavy exposure to a weakening US dollar; and other risks described from time to time in Spirent plc's Securities and Exchange Commission periodic reports and filings. The Company undertakes no obligation to update any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise.
This information is provided by RNS, the company news service from the London Stock Exchange.