Meggitt PLC (LON:MGGT) has sold photo etching firm Precision Micro to LDC, the private equity arm of Lloyds Banking Group PLC (LON:LLOY) for £22.5mln in cash.
The FTSE 250-listed engineering firm said in a statement that during the year to 31 December 2017, Precision Micro generated revenue of £15mln.
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The aerospace components maker said this transaction is consistent with its strategy to focus on businesses of scale in attractive markets where its leading positions offer greater potential for growth and operational efficiencies.
In early morning trading, Meggitt’s shares were up 0.2% to 462.8p.