CRAWLEY, UK, Aug. 16, 2004 (PRIMEZONE) -- 834 - 16 August 2004
SPIRENT PLC
Sale of Aerospace software Business
Spirent plc (LSE: SPT; NYSE: SPM), a leading communications technology company, announces that it has sold its aerospace maintenance, repair and overhaul software business (MRO) from within its Systems group for a cash consideration of $5.35 million (approximately GBP2.9 million).
MRO, with operations in San Diego, California and Yeovil, Somerset, is a supplier of ground-based logistics support and maintenance, repair and overhaul software systems for the civil and military aviation markets. In the year to 31 December 2003, MRO had sales of GBP8.7 million.
The net proceeds of the sale will be used to pre-pay $5.0 million (GBP2.7 million) of Spirent's senior notes. After the application of the net sale proceeds Spirent will have $124.8 million (GBP68.6 million) of notes outstanding.
Anders Gustafsson, Chief Executive, said:
"MRO has an established position in its market and should have every opportunity to move forward under its new ownership. The sale of MRO is the last in the series of strategic divestments of our aerospace businesses."
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About Spirent
Spirent is a leading communications technology company focused on delivering innovative systems and services to meet the needs of customers worldwide. We are a global provider of performance analysis and service assurance solutions that enable the development and deployment of next-generation networking technologies such as broadband services, Internet telephony, 3G wireless and web applications and security testing. Our Network Products business is a developer and manufacturer of innovative solutions for fastening, identification, protection and connectivity in electrical and communications networks marketed under the global brand HellermannTyton. The Systems group comprises PG Drives Technology which develops power control systems for specialist electrical vehicles in the mobility and industrial markets. Further information about Spirent plc can be found at www.spirent.com
Spirent Ordinary shares are traded on the London Stock Exchange (ticker: SPT) and on the New York Stock Exchange (ticker: SPM; CUSIP number: 84856M209) in the form of American Depositary Shares (ADS), represented by American Depositary Receipts, with one ADS representing four Ordinary shares.
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