Qinetiq buys ITS for up to 90 mln usd; sells air filtration unit for 39 mln usd |
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Published
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Thu, 01 Mar 2007 09:18
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LONDON (AFX) - QinetiQ Group PLC said it has agreed to buy IT services provider ITS Corp for up to 90 mln usd, and has sold its Air Filtration Systems (AFS) subsidiary to Donaldson Co Inc for 39 mln usd.QinetiQ said its North American subsidiary paid an initial 80 mln usd for ITS, with a further 10 mln usd to be paid should performance targets be met.The company said the proceeds from the sale of AFS will be used to reduce group debt.newsdesk@afxnews.comran/faj/wjCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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QinetiQ names Clive Richardson EMEA managing director effective June 1 