TIDMCHG
RNS Number : 7343E
Chemring Group PLC
06 June 2012
FOR IMMEDIATE RELEASE 6 JUNE 2012
CHEMRING GROUP PLC
DISPOSAL OF MARINE INTERESTS
Chemring Group PLC ("Chemring" or the "Group") today announces
the sale of its marine interests (collectively "Chemring Marine" or
the "Company") to Drew Marine ("Drew Marine") for GBP32 million,
payable in cash.
Completion, which is conditional upon regulatory approvals and
subject to a working capital adjustment, is expected by the end of
July. The proceeds after costs will be used by the Group to reduce
net debt, initiate a share buy-back, and to fund existing pension
liabilities of around GBP2 million.
Chemring Marine is the world's leading supplier of marine
pyrotechnic distress signals to the commercial and leisure marine
markets, but is no longer considered to be core to Chemring and its
wider international defence strategy. In the year ended 31 October
2011, the Company generated revenues of GBP21 million, an operating
profit of GBP6 million, and had gross assets of GBP17 million.
Drew Marine is a recognised global leader in the supply of
marine water treatment, maintenance, welding and refrigeration,
fuel treatment and fire, safety and rescue products and services to
ship owners, ship managers and shipyards. Drew Marine was acquired
in 2009 by J.F. Lehman & Company, a leading middle-market
private equity firm focused on the maritime, aerospace and defence
sectors.
Dr. David Price, Chief Executive of Chemring, said, "I am
pleased to announce the sale of Chemring Marine to Drew Marine. We
have developed our maritime business into the clear world leader
but its future in the commercial and leisure sectors is no longer
aligned with the growth strategy for the Group. Chemring believes
that Chemring Marine will benefit from new owners who will provide
the investment needed to expand its marine safety business and to
develop its global maritime safety network."
Len Gelosa, President and Chief Executive Officer of Drew
Marine, said, "Chemring Marine's global leadership position is
synonymous with quality, performance and reliability - all
attributes shared by the products and services offered by Drew
Marine. We are excited about the prospects for the Pains Wessex,
Comet and other well-known Chemring Marine brands as they join Drew
Marine's portfolio. In addition, we add a new distribution model to
Drew Marine's capabilities, which should allow us to broaden our
customer base and explore additional products suitable for the
Company's global distributor network."
For further information:
Chief Executive, Chemring Group
Dr David Price PLC 01489 881880
Finance Director, Chemring Group
Paul Rayner PLC 01489 881880
Director of Communications and
Investor Relations, Chemring
Rupert Pittman Group PLC 01489 881880
Anthony Cardew/
Emma Crawshaw Cardew Group 07971 468 308
Notes to Editors:
-- Chemring is a manufacturing business with facilities in eight
countries selling high technology electronics and energetic
products to over eighty countries worldwide.
-- The Group has a diverse portfolio of products protecting
military people and platforms against a constantly changing
threat.
-- Operating in high margin, niche markets with short product
development timescales, Chemring has the agility to rapidly react
to urgent customer needs.
-- Chemring adopts a balanced strategy of organic growth and
small bolt-on acquisitions, and maintains balanced geographic and
market profiles, with a growing presence in non-NATO countries.
-- Strong R&D investment for new products and improvements
in technology continually allows Chemring to expand its addressable
markets.
www.chemring.co.uk
The Chemring Marine Business
The world's leading supplier of SOLAS, MED & USCG approved
marine distress signals to the commercial and leisure marine
markets, under the brand names Pains Wessex and Comet. Available
through over 200 distributors in more than 80 countries, Chemring
Marine Group's comprehensive range of products are specified by the
world's navies, merchant fleets, fishing vessels, rescue services,
airlines and leisure craft alike. Products include signalling smoke
and flares, rockets and line throwers.
Cautionary Statement:
This announcement contains forward-looking statements that are
based on current expectations or beliefs, as well as assumptions
about future events. These forward-looking statements can be
identified by the fact that they do not relate only to historical
or current facts. Forward-looking statements often use words such
as anticipate, target, expect, estimate, intend, plan, goal,
believe, will, may, should, would, could, is confident, or other
words of similar meaning. Undue reliance should not be placed on
any such statements because they speak only as at the date of this
document and, by their very nature, they are subject to known and
unknown risks and uncertainties and can be affected by other
factors that could cause actual results, and Chemring's plans and
objectives, to differ materially from those expressed or implied in
the forward-looking statements.
There are a number of factors which could cause actual results
to differ materially from those expressed or implied in
forward-looking statements. Among the factors that could cause
actual results to differ materially from those described in the
forward-looking statements are; increased competition, the loss of
or damage to one or more key customer relationships, changes to
customer ordering patterns, delays in obtaining customer approvals
for engineering or price level changes, the failure of one or more
key suppliers, the outcome of business or industry restructuring,
the outcome of any litigation, changes in economic conditions,
currency fluctuations, changes in interest and tax rates, changes
in raw material or energy market prices, changes in laws,
regulations or regulatory policies, developments in legal or public
policy doctrines, technological developments, the failure to retain
key management, or the key timing and success of future acquisition
opportunities or major investment projects.
Chemring undertakes no obligation to revise or update any
forward-looking statement contained within this announcement,
regardless of whether those statements are affected as a result of
new information, future events or otherwise, save as required by
law and regulations.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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