Chemring Group PLC ACQUISITION OF 3D-RADAR
09 5월 2014 - 3:01PM
RNS Non-Regulatory
TIDMCHG
Chemring Group PLC
09 May 2014
FOR IMMEDIATE RELEASE 9 MAY 2014
CHEMRING GROUP PLC
ACQUISITION OF 3D-RADAR
Chemring Group PLC ("Chemring" or "the Group") announces that it
has acquired the entire issued share capital of 3d-Radar AS, a
subsidiary of Curtiss-Wright Corporation, for a total cash
consideration of $3.0 million (GBP1.8 million) ("the
Acquisition").
3d-Radar, based in Trondheim, Norway, is a leading developer of
commercial three-dimensional ("3D") ground penetrating radar
("GPR") technology. 3d-Radar's unique sensor technology delivers
major advances in the ease of use, speed, accuracy and resolution
for 3D imaging of underground structures.
3d-Radar's patented GPR technology has already been successfully
evaluated and deployed in a broad range of applications in a number
of end markets, including sub-surface imaging in road and railway
maintenance and airport runway inspection.
Under the terms of the Acquisition, the cash consideration of
$3.0 million will be funded from existing cash resources.
Mark Papworth, Chief Executive Officer of Chemring, said:
"This small but strategically important acquisition consolidates
Chemring's position as a world leader in GPR technologies.
3d-Radar's commercially available GPR technology expands our ground
sensing and detection portfolio, ideally complementing NIITEK's
world leading military route clearance offerings and expertise.
This technology will enable us to further develop our route
clearance offerings and to exploit significant opportunities in the
commercial sector."
Enquiries:
Chemring Group
PLC 01489 881880
Mark Papworth Chief Executive
Steve Bowers Finance Director
Rupert Pittman Group Director of Communications
and Investor Relations
MHP Communications 020 3128 8100
Andrew Jaques
John Olsen
James White
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.
Photography
Original high-resolution photography is available to the media
by contacting Ben Griffiths, MHP Communications:
ben.griffiths@mhpc.com / Tel: 0203 128 8100.
Notes to Editors
-- Chemring is a manufacturing business with facilities in eight
countries, selling high technology electronics and energetic
products to over sixty countries worldwide.
-- The Company has a diverse portfolio of products protecting
military people and platforms against a constantly changing
threat.
-- Operating in niche markets with short product development
timescales, Chemring has the agility to rapidly react to urgent
customer needs.
-- Strong R&D investment for new products and improvements
in technology continually allows Chemring to expand its addressable
markets.
www.chemring.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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