In a deal worth £387 million, Marconi has sold its Strategic Communications business – Marconi Mobile Holdings – to Finmeccanica, a high technology group that designs and manufactures aircraft, helicopters, satellites and missile systems.
Marconi’s Strategic Communications business designs, manufactures and supplies communications and information systems, primarily for defence and security applications, including ground, naval, avionic communications/command and control systems.
The company employs approximately 4,000 people in Italy, the UK, Germany and Turkey and, in the financial year ended 31 March 2002, had sales of approximately £308 million.
In the year ended 31 March 2002, the Strategic Communications business made an operating contribution to Marconi’s profits, before exceptional items, of approximately £30 million. At the same date the business had net assets of approximately £201 million.
The sale of Marconi Mobile Holdings does not include Marconi’s Public Mobile Radio and Private Mobile Radio business units, which were demerged from Marconi Mobile Holdings before the sale.
On July 12 this year, Marconi agreed to sell its Applied Technologies division to 3i and funds associated with 3i, for £57 million (comprising £50 million in cash and a £7 million vendor loan note).