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Meggitt sells Precision Micro to Lloyds Banking Group’s LDC for £22.5mln in cash

Meggitt said this transaction is consistent with its strategy to focus on business of scale in attractive markets where its leading positions offer greater potential for growth and operational efficiencies
aerospace engineering
Meggitt said during the year to 31 December 2017, Precision Micro generated revenue of £15mln

Meggitt PLC (LON:MGGT) has sold photo etching firm Precision Micro to LDC, the private equity arm of Lloyds Banking Group PLC (LON:LLOY) for £22.5mln in cash.

The FTSE 250-listed engineering firm said in a statement that during the year to 31 December 2017, Precision Micro generated revenue of £15mln.

READ: Meggitt secures long term supply agreement with Caterpillar subsidiary

The aerospace components maker said this transaction is consistent with its strategy to focus on businesses of scale in attractive markets where its leading positions offer greater potential for growth and operational efficiencies.

In early morning trading, Meggitt’s shares were up 0.2% to 462.8p.

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