28th November 2006
BBA Aviation plc ANNOUNCES SALE OF BECORIT GMBH FOR €42.5M
BBA Aviation plc (“BBA”) today announces the signing of a definitive agreement to sell Becorit GmbH to Wabtec Corporation, USA for €42.5m (£28.7m), on a debt free cash free basis. Closing is expected in early December.
Becorit is a leading rail friction manufacturer based in Recklinghausen, Germany and was acquired by BBA in 1997. In the year ended 31 December 2005, Becorit had turnover of €24.0m (£16.2m).
Commenting on the disposal Michael Harper, BBA Aviation Chief Executive,
said:
"I am pleased that Becorit is joining one of the leading players
in the rail transportation market, which will enable it to take advantage
of its strong position in the European market place.
Following the demerger of Fiberweb, which was completed the week before last, the sale of Becorit means that BBA Aviation is now completely focused on the aviation services market. The proceeds of the sale will enable us to continue to invest in our core business where we see many opportunities for consolidation"
Enquiries
BBA Aviation plc 020 7514 3999
Michael Harper, Group Chief Executive
Andrew Wood, Group Finance Director
Brunswick Group 020 7404 5959
Nick Claydon
2005
Preliminary Results Presentation, 28th February 2006