The international engineering company Meggitt, announced the disposal of Meggitt A/S to CTS Ceramics Denmark A/S for a cash consideration of £59m on Wednesday.
Meggitt has agreed to sell Meggitt A/S to CTS Ceramics Denmark A/S for £59m in cash, subject to net debt and working capital adjustments.
Meggitt A/S produces high-performance piezoelectric ceramic components for medical and industrial use.
The sale is in line with Meggitt’s objective of producing sustainable and innovative solutions for its main end industries of aerospace, defence, and energy, and it comes after a string of sales in the last four years.
Meggitt A/S had gross assets of £23m at the end of the 2021 financial year including goodwill and other intangible assets deriving from the original acquisition of the business and profit before tax of £2.9m.
The completion of the project is contingent on the acquisition of all necessary governmental approvals as well as the fulfilment of other customary closing conditions.
The cash proceeds will be utilised to pay down debt and for general company purposes once the transaction is completed.
Meggitt shares fell 0.1% to 768p after the company announced the disposal of Meggitt A/S to CTS Ceramics Denmark A/S.