Robot bomb disposal firm buys target drone maker
Car and aeroplane parts maker Meggitt has sold its defence target systems business to QinetiQ for £57.5m. QinetiQ, which has its headquarters in Farnborough, Hampshire, said it will add Meggitt Target Systems to its new international division.
Meggitt Target Systems provides unmanned aerial, naval and land-based target systems and services for test and evaluation and operational training and rehearsal.
It provides target systems to 40 countries from bases in Britain and Canada and makes around 90% of its revenues outside of the UK.
QinetiQ, which makes bomb disposal robots and sniper detectors, was privatised around 10 years ago.
The firm said the deal will boost its international growth, while it expects the division to deliver earnings of around £5.5m on revenues of £28m this year.
Last year it made underlying earnings of £4.9m on revenues of £26.1m.