Qinetiq has announced the disposal of its underwater systems (UWS) business to Newport-based subsea systems manufacturer Atlas Elektronik UK, for £23.5m.
The deal is part of Qinetiq's strategy to release a number of non-core assets within its EMEA business and focus on higher-growth investment areas.
Based in Winfrith, Dorset, the UWS business employs around 220 staff. The facility operates in the areas of hydro-acoustics, sonar systems, maritime security, acoustic and combat management and the control of unmanned maritime vehicles.
Dieter Rottsieper and Kai Horten, managing directors of Atlas Elektronik, said: 'The acquisition of the UWS business represents a significant step forward in the development of our UK operations, increasing our presence in a key naval market, and cementing our position as a provider of hydro-acoustic and sonar technology internationally. We are committed to enhancing and building our support and services to the UK Ministry of Defence (MoD) and UWS’s other key customers internationally.'
Bob Waters, managing director of Atlas Elektronik UK, added: ‘This is a strategic acquisition of highly skilled people and know-how. We have been an established supplier to the MoD and international customers for many years and this will broaden our capability and strengthen our UK presence.'
The agreement is subject to regulatory approvals and is expected to be complete by summer 2009.
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