AeroVironment, Inc. (AVAV), a leader in unmanned aircraft systems and tactical missile systems, today announced that on June 29, 2018 it completed the previously announced divestiture of its Efficient Energy Systems (EES) business to Webasto Group. The purchaser paid the Company $32 million in cash at closing, which excludes a holdback amount of $6.5 million, and remains subject to certain post-closing adjustments, and the purchaser assumed certain liabilities. The holdback amount will be payable to the company upon the receipt of certain approvals and consents from certain EES business customers. The company expects proceeds from the divestiture to be accretive to U.S. GAAP earnings in the first fiscal quarter of 2019.
“We are reshaping our portfolio to put all our focus on solutions based on robotics, sensors, software analytics and connectivity, to serve promising, large global markets consisting of defense, telecommunications and commercial information solutions,” said AeroVironment President and Chief Executive Officer Wahid Nawabi. “We are pioneers and leaders in small unmanned aircraft systems and tactical missile systems for defense markets, and high altitude pseudo satellites and commercial information solutions for commercial markets. We are fully focused on generating value for our stockholders through the effective execution of our strategy across these promising opportunities.”
Source: AeroVironment, Inc.
Date: Jul 4, 2018