StockMarketWire.com - Component supplier to the defence and aerospace sectors Meggitt said it had sold its training systems unit to US private equity firm Pine Island Capital Partners for $146m.

Meggitt said the deal was consistent with its focus on businesses of scale in markets where its leading positions offered greater potential for growth and operational efficiencies.

In 2019, the division generated £104m of revenue, had gross assets of £149m and profits attributable to the assets of £11.2m.

Meggitt said proceeds from the sale would be used for general corporate purposes and further strengthen its liquidity.




Story provided by StockMarketWire.com