Cobham Reaches Agreement to Purchase S-Tec in the USA for US$38 Million
Nov. 27, 2007, Boise, ID - Cobham plc has announced that it has reached agreement to purchase S-TEC Corporation from Meggitt plc for a cash consideration of US$38m on a debt and cash-free basis payable.
Nov. 27, 2007, Boise, ID
– Cobham plc, parent company of Chelton Flight Systems, is pleased to
announce that it has reached agreement to purchase S-TEC Corporation
from Meggitt plc for a cash consideration of US$38m on a debt and
cash-free basis payable on completion. The purchase is anticipated to
complete before the year end, subject to regulatory approval.
designs, certifies, and manufactures autopilots for general aviation
aircraft, ranging from small, single-engined to light commuter
aircraft. Based at Mineral Wells Airport in Texas, USA, S-TEC has a
workforce or 180 people, including many skilled avionics engineers who
are capable of supporting the development of Cobham products.
is an excellent technological and market fit in the development of a
Cobham cockpit of avionics. OEMs increasingly expect their avionics
supplier to provide an autopilot solution, with the market moving
towards the inclusion of autopilots in EFIS-type displays, such as
Cobham’s to reduce weight, wiring, and integration costs. S-TEC also
has a strong presence in the retrofit market which Cobham can leverage,
and positions with many OEMs including Adam, Cirrus, Eclipse, Piper,
Allan Cook, Cobham Chief Executive said:
is an excellent technological and market fit in our development of a
Cobham cockpit of avionics, with products from both companies certified
together on more than 500 aircraft types.”