Sat, Nov 24, 2007
Selling For US$38 Million
Cobham plc ('Cobham')
tells ANN that it has reached an agreement to purchase S-TEC
Corporation (from Meggitt plc) for a cash consideration of US$38M
on a debt and cash free basis payable on completion. The purchase
is anticipated to be complete before the year end, subject to
regulatory approval. S-TEC designs, certifies and manufactures
autopilots for general aviation aircraft, ranging from small
single-engined to light commuter aircraft. Based at Mineral Wells
Airport in Texas, USA, S-TEC has a workforce of 180 people,
including many skilled avionics engineers who are capable of
supporting the development of Cobham products.
Cobham notes that 'S-TEC is an excellent technological and
market fit in the development of a Cobham cockpit of avionics.'
OEMs increasingly expect their avionics supplier to provide an
autopilot solution, with the market moving towards the inclusion of
autopilots in EFIS type displays, such as Cobham's, to reduce
weight, wiring and integration costs. S-TEC also has a strong
presence in the retrofit market which Cobham says that it can
leverage, and maintains positions with many OEMs including Adam,
Cirrus, Eclipse, Piper and Pilatus.
Allan Cook, Cobham Chief Executive commented that, "S-TEC is an
excellent technological and market fit in our development of a
Cobham cockpit of avionics, with products from both companies
certified together on more than 500 aircraft types."
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