Safran enters into a definitive agreement for the sale of Globe Motors Inc.
Paris - Safran (NYSE Euronext Paris: SAF) today announced that it has reached a definitive agreement to sell Globe Motors Inc., a US-based subsidiary of Safran, to Allied Motion Inc. on the basis of an expected enterprise value of 90 million USD.
The transaction is subject to customary closing conditions, including regulatory approvals and the successful arrangement of debt financing by Allied Motion, and is expected close in the second half of 2013.
Headquartered in Dayton, Ohio, Globe Motors designs, manufactures, and distributes standard and bespoke precision, subfractional horsepower motors and motorised devices internationally with applications in aeronautical (commercial and military), automotive and industrial markets. Globe Motors is part of Safranís Aircraft Equipment activities and recorded revenue of 106 million USD in 2012.
Safran is a leading international high-technology group with three core businesses: Aerospace (propulsion and equipment), Defence and Security. Operating worldwide, the Group has 62,500 employees and generated sales of 13.6 billion euros in 2012. Working alone or in partnership, Safran holds world or European leadership positions in its core markets. The Group invests heavily in Research & Development to meet the requirements of changing markets, including expenditures of 1.6 billion Euros in 2012. Safran is listed on NYSE Euronext Paris and is part of the CAC40 index.
For more information, www.safran-group.com / Follow @SAFRAN on Twitter
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