ROVworld Subsea Information

QinetiQ announces the disposal of its underwater systems business
Date: Thursday, June 11, 2009 @ 10:00:00 EDT

QinetiQ Group plc has announced 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.

This article comes from ROVworld Subsea Information

The URL for this story is: