News Release from: ERA Technology
Edited by the Electronicstalk Editorial Team on 11 September 2003
Chelton acquires ERA Technology
ERA Technology has reached agreement to sell its entire issued share capital to Chelton in a transaction scheduled for completion this month.
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ERA Technology has reached agreement to sell its entire issued share capital to Chelton in a transaction scheduled for completion this month. ERA Technology provides specialist, high value added, technology-based services including design and development, testing, assessment and expert advice. ERA was founded in 1920 and has built a reputation for technical expertise through its constant innovation at the leading edge of technology.
This capability is delivered through its highly skilled workforce of 300 people, of which over 70% have a bachelor's degree and some 50% have a masters degree or a PhD.
ERA's turnover in the financial year ended 31st December 2002 was GBP 21.3 million and its projected turnover for 2003 is GBP 23 million.
ERA has net assets as of 1st September 2003 of GBP 10.8 million, including over GBP 5 million in cash.
ERA will continue to serve its many customers and to operate in the broad range of technology markets it focuses on today.
The entire management team of ERA Technology, including the Chief Executive Fred Cahill, will remain with the company.
Post completion ERA will operate within the Chelton Group where it will contribute its substantial technical talent enhancing the group's research and development capability.
The role to deliver both scientific strength and technical knowledge will enable the insertion of new and innovative technology not only into Chelton but also into the wider Cobham group.
Commenting on the acquisition Fred Cahill, Chief Executive of ERA Technology, said: "We are delighted to be able to announce the acquisition by Chelton.
Being part of a large technology based company will offer new and exciting opportunities to the staff of ERA.
ERA has significant synergies with the Chelton organisation and will provide a first class technical research and design capability.
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