Defence giant Thales is to sell off its High Tech Optics (HTO) activities in the UK, US, Singapore, Germany and Hungary to the Candover Group for 220 million Euros in cash.
Thales HTO designs and manufactures high precision optical components and modules for both military and civil applications.
The company is active in four main areas: infantry night vision, optical components, optical modules and optical coatings. Between them the businesses have approximately 1,400 employees and generated revenues of 127 million Euros in 2004.
“Our strategic intent is to strengthen our position as a large systems integrator and equipment and services provider in defence and security. This divestment will provide considerable financial resources for expansion in such areas,” said Jean-Loup Picard, Thales’ Senior Vice President for Strategy, Research and Technology.
Thales’ Avimo and Pilkington optoelectronic businesses will not be sold off as part of the deal.