Breaking news
QinetiQ enhances position in test and evaluation through acquisition of Meggitt Target Systems.
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Defence & Security News - QinetiQ, Meggitt Training Systems
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QinetiQ enhances position in test and evaluation through acquisition of Meggitt Target Systems
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QinetiQ announced on Tuesday that it has acquired Meggitt Defence Systems Limited and Meggitt Holdings Canada Inc. (together “Meggitt Target Systems”) from Meggitt for £57.5 million on a cash-free, debt-free basis.
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 The Meggitt Training Systems Banshee (Photo Meggitt Training Systems) |
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Meggitt Target Systems is a leading international provider of unmanned aerial, naval and land-based target systems and services for test and evaluation (“T&E”) and operational training and rehearsal. The business is expected to generate approximately £28 million of revenue and approximately £5.5m of operating profit in the year to 31 December 2016.
Meggitt Target Systems provides target systems to approximately 40 countries from its operations in the UK and Canada, and performs on-site target services in 15 of those countries. It will form part of QinetiQ’s new International business unit and will be reported within QinetiQ’s Global Products division. Meggitt Target Systems holds a leading position in the growing global target systems and services market Meets increasing global demand for high-fidelity threat representation to validate defence and security capabilities against current and future threats. Steve Wadey, QinetiQ CEO, said: “This acquisition accelerates the delivery of our strategic priorities to drive growth of our core capabilities in international markets, and to modernise and strengthen our ability to deliver world-class test and evaluation services.” “Meggitt Target Systems is a distinctive business with a strong management team and employees in Canada and the UK who are experts in the development and delivery of unmanned target systems and services. We know the business well having worked together for the past decade and I am delighted to welcome the team to QinetiQ.” |
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