ACQUISITION OF 3D-RADAR
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 (£1.8 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.
This information is provided by RNS
Latest directors dealings
- 1 day ago Savannah Energy
- 1 day ago Buccaneer Energy PLC
- 1 day ago Savannah Energy
- 1 day ago Carclo
- 1 day ago Schroder Japan Growth Fund