QinetiQ Group plc today announces that it has agreed to the sale of Spectro Inc., a supplier of oil and fuel analysis instrumentation based in Littleton, Massachusetts.
The disposal to SFW Capital Partners is for a total cash consideration of $20.5m which is expected to generate approximately $17m net proceeds after tax and costs.
The sale of Spectro, which was part of QinetiQ's Global Products business and had revenues of $19.5m in the year ended 31 March 2011, is in line with QinetiQ’s commitment to focus on its core capabilities.
A FTSE250 company, QinetiQ uses its domain knowledge to provide technical advice to customers in the global aerospace, defence and security markets. QinetiQ’s unique position enables it to be a trusted partner to government organisations, predominantly in the UK and the US, including defence departments, intelligence services and security agencies.
For further information please contact:
QinetiQ press office +44 (0) 1252 393500
Liz Morley, Maitland +44 (0) 7798 683108
Brian Hudspith, Maitland +44 (0) 7771 825606
David Bishop, QinetiQ +44 (0) 7920 108675