Spirent sells the assets and liabilities of its Systems Division to Curtiss-Wright Corporation

PG Drives is a leading global designer and supplier of DC and AC controllers for specialist electric vehicle applications in the medical mobility and industrial markets. In 2011, Systems reported revenues of $58 million and profit before tax of $9 million. The value of Systems’ gross assets was $20 million as at 31 December 2011.



The net proceeds from the sale after tax and expenses are expected to be approximately $61 million and it is envisaged that they be returned to Spirent’s shareholders by way of an on market share buyback.



Commenting on the transaction, Bill Burns CEO of Spirent said: “PG Drives has performed strongly over the years for Spirent and we are thankful to its management team and employees for their professionalism and hard work. The Board believes that the business is in good hands and will benefit from the experience and investment of its new owner. We wish PG Drives every success in the future.”



“This disposal demonstrates a further step forward in Spirent’s strategy to focus the Group’s activities on the faster growing test and measurement market, allowing Spirent to concentrate on driving innovation and expanding the solutions portfolio of its core business.”



Systems will be reported as a discontinued business for the financial year ending 31 December 2012. A restatement of historical results for the Spirent Group is available in the investors section of the Spirent website www.spirent.com/investors.



Jefferies International Limited was sole financial adviser and Linklaters LLP was legal adviser to Spirent on the transaction.