Released: 22/06/2007
RNS Number:8922Y
Meggitt PLC
22 June 2007
Immediate Release 22 June 2007
Meggitt PLC
Completion of K&F Industries Holdings, Inc. acquisition
Meggitt PLC ("Meggitt" or "the Group"), the international aerospace, defence and
electronics group, today announces that it has completed the acquisition of K&F
Industries Holdings, Inc ("K&F"), which was first announced on 6 March 2007, for
an enterprise value of approximately US$1.8 billion. K&F is a leading integrated
supplier of original equipment and aftermarket parts and services for the global
aerospace and defence industry.
K&F has leading positions and its technologically sophisticated products include
precision engineered and specialised aviation equipment, including wheels,
brakes, brake control systems, flexible bladder fuel tanks, helicopter
interiors, ice guards and fuel sealants.
For the year ended 31 December 2006 K&F generated adjusted operating profit from
trading activities of US$146.4 million on turnover of US$424.1 million.
The Acquisition was funded in part by a 1 for 2 rights issue at 200 pence per
share to raise approximately £424 million (net of expenses) with the balance
funded from a new debt facility.
Commenting on today's announcement, Terry Twigger, Chief Executive of Meggitt,
said:
"We are delighted to have completed the acquisition in such a timely fashion and
can now officially welcome K&F into the Group. This transaction will
significantly strengthen our existing position as a major international
aerospace equipment provider."
Contact:
Meggitt PLC +44 (0)1202 597597
Terry Twigger, Group Chief Executive
Stephen Young, Group Finance Director
Buchanan Communications +44 (0)20 7466 5000
Charles Ryland / Jeremy Garcia
This information is provided by RNS
The company news service from the London Stock Exchange
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