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Cobham sells two US businesses for $80m

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LONDON (ShareCast) - Aerospace technology group Cobham (Other OTC: CBHMY - news) has reached an agreement to sell its Weinschel and Inmet businesses for US$80m (£52.8m) in cash to US group API Technologies (NasdaqCM: ATNY - news) . The FTSE 250 group had acquired the two US-based companies, which develop and manufacture radio frequency and microwave components and subsystems, in 2014 but Cobham said they were now "inconsistent" with its strategy.

"These businesses possess a high volume, high product mix operating model that is inconsistent with Cobham's strategic direction and underlying style of competition," the group said in a statement.

On Thursday Cobham said it expected full-year results to be in line with forecasts despite the adverse impact on earnings from foreign currency translation during the first quarter of the year.

Cobham shares were up 0.43% to 303.20p at 10:36 on Friday.