Chemring Group Plc (CHG.L) announced the sale of its marine interests to Drew Marine for 32 million pounds in cash. The Group said the proceeds after costs would be used by it to reduce net debt, initiate a share buyback, and to fund existing pension liabilities of some 2.0 million pounds. The transaction may close by the end of July.
In the year ended October 31, 2011, Chemring Marine recorded revenues of 21 million pounds, an operating profit of 6 million pounds, and had gross assets of 17 million pounds. Chemring Group believes that Chemring Marine would benefit from new owners who would provide the investment needed to expand its marine safety business and to develop its global maritime safety network.
Drew Marine was purchased in 2009 by J.F. Lehman & Co., a middle-market private equity firm focused on the maritime, aerospace and defence sectors.
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