5 November 2002
AA Richmond has sold its Lodge business, making aero engine sensors, transducers and industrial igniters, to Meggitt PLC, for 33 million in cash.
Commenting on the disposal, Keith Butler-Wheelhouse, chief executive of AA Richmond, said: 'The sale of Lodge is a logical step in the improvement of our strategic focus. The proceeds from this and other non-core disposals will help to fund future acquisitions in the high growth sectors we have targeted. The disposal follows our recent acquisition of Heimann, the leading detection business and is in line with our policy of matching buys and sells where possible.'
A separate statement has been issued by Meggitt plc.
ENDS
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