Marconi Sells Applied Technologies Division For £57 Million
MARCONI SELLS APPLIED TECHNOLOGIES DIVISION FOR £57 MILLION London, July 12 2002 - Marconi (MONI) today announced that it has agreed the sale of its Applied Technologies division (MTech), to 3i and funds associated with 3i, for £57 million (comprising £50 million in cash and a £7 million vendor loan note). The company will trade as E2V technologies. The sale of Marconi Applied Technologies Limited and Marconi Applied Technologies Inc completed today. The completion of the sale of assets of Marconi Applied Technologies' French business will occur subject to the receipt of French regulatory approval. Mike Parton, chief executive, Marconi plc, said: "This transaction represents good news for Marconi Applied Technologies, its customers and staff, as well as Marconi plc, re-positioning this strong business for long term growth whilst releasing cash proceeds to Marconi." Marconi Applied Technologies is a technology innovator and market leader in radio frequency (RF) microwave and imaging components and subsystems for the industrial, medical, scientific and broadcast communications market sectors. Headquartered in Chelmsford, Essex, and with a base in Lincoln, the company employs over 1,350 people worldwide, primarily in the UK. The division also has operations in the United States, Germany and France and has established a network of agents and distributors covering the Americas, Europe, the Middle East and Africa, Far East and Australia. ENDS/... Notes to Editors About Marconi plc Marconi plc is a global telecommunications equipment and solutions company headquartered in London. The company's core business is the provision of innovative and reliable optical networks, broadband routing and switching and broadband access technologies and services. The company's aim is to help fixed and mobile telecommunications operators worldwide reduce costs and increase revenues. The company's customer base includes many of the world's largest telecommunications operators. The company is listed on the London Stock Exchange under the symbol MONI. Additional information about Marconi can be found at www.marconi.com. This press release contains forward-looking statements with respect to products, partners, customers, future growth and other matters. Please refer to the Form 20-F report and Form 6-K reports filed by Marconi plc with the United States Securities and Exchange Commission for a discussion of risks that could cause actual results to differ materially from such statements. Copyright © 2002 Marconi plc. All rights reserved. All brands or product names are trademarks of their respective holders. Contacts Joe Kelly/David Beck Public Relations Marconi PLC +44 (0) 207 306 1771 joe.kelly@marconi.com Heather Green Investor Relations Marconi PLC +44 (0) 207 306 1735 heather.green@marconi.com ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/07/12/20020712BIT00690/wkr0001.doc http://www.waymaker.net/bitonline/2002/07/12/20020712BIT00690/wkr0002.pdf