LARD Laird Group

TIDMLRD

Laird PLC

10 May 2018

10 May 2018

Laird PLC

Disposal

Laird PLC today announces the disposal of its 51% stake in Model Solution ("the Disposal"), its South Korea-based prototyping business, to global tyre company Hankook Tire Co., Ltd. for a total consideration of KRW 46.67 billion ($43.6m).

Model Solution, based in Seoul, specialises in designing and manufacturing prototypes, with expertise in precision prototyping, design support, tooling, low volume manufacturing and 3D printing. It services a wide range of industries, including aerospace, automotive, consumer, medical and industrial.

At 31 December 2017, Model Solution had revenues of $44.6m, underlying operating profit of $2.9m and net assets of $55m.

Laird acquired its 51% shareholding in April 2014 for KRW 35.7 billion ($34.4m). Proceeds of the Disposal will serve to reduce group debt.

The transaction is subject to South Korean regulatory approvals. Assuming satisfaction of all closing conditions and approvals, the transaction is expected to close within 60 days.

This disposal has no impact on the process for the acquisition of Laird by Advent International, who have been informed of the transaction.

ENDS

Enquiries:

 
 Laird PLC                               MHP Communications 
 Tony Quinlan, Chief Executive Officer   Reg Hoare 
  Kevin Dangerfield, Chief Financial      Tim Rowntree 
  Officer                                 Ollie Hoare 
  Richard Harris, Head of Investor 
  Relations 
 Tel: +44 (0)20 7468 4040                Tel: +44 (0)20 3128 8100 
 

Notes to editors:

BDA Partners acted as exclusive financial advisor to Laird PLC on the transaction.

About Laird PLC:

Laird is a global technology company providing systems, components and solutions that protect electronics from electromagnetic interference and heat, and that enable connectivity in mission-critical wireless applications and antennae systems.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

May 10, 2018 06:24 ET (10:24 GMT)

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