LONDON (dpa-AFX) - Aerospace, defence and energy company Meggitt Plc. (MGGT.L) said Wednesday that it has sold its US subsidiary, Meggitt Training Systems, to a US private investment firm Pine Island Capital Partners LLC, for $146 million in cash. The sale was completed on 30 June 2020.
The company said that it will use net proceeds from the sale for general corporate purposes and will further strengthen the Group's liquidity.
The company stated that the transaction is consistent with the Group's strategy to focus on businesses of scale in markets.
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