QinetiQ agrees to sell its underwater systems business

14 May 2009
QinetiQ Group plc today announces that it has reached an agreement to sell its underwater systems business based in Winfrith, Dorset to Atlas Elektronik UK for a cash consideration of £23.5m.

The transaction is in line with QinetiQ’s strategy to dispose of certain non-core assets within its EMEA business and reallocate capital into higher growth investments.

As is normal with such transactions in the UK defence market, the agreement is subject to regulatory approval and is expected to complete this summer.

Notes to Editors:

QinetiQ's underwater systems business, based in Winfrith, Dorset employs approximately 220 employees. It operates in the areas of hydro-acoustics, sonar, open architecture sonar and combat management systems, acoustic counter measures, submarine signatures, maritime security and control of unmanned maritime vehicles. The business is a provider to the UK Ministry of Defence and other defence departments and corporate customers internationally.

Atlas Elektronik GmbH, the parent company of Atlas Elektronik UK, is a company jointly owned by ThyssenKrupp and EADS.
 
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QinetiQ agrees to sell its underwater systems business