Newspaper article The Journal (Newcastle, England)

Filtronic Sells Defence Operation in Pounds 13m Deal; in Association with RBS

Newspaper article The Journal (Newcastle, England)

Filtronic Sells Defence Operation in Pounds 13m Deal; in Association with RBS

Article excerpt

Byline: Christopher Knox

AN ELECTRONICS company has sold off its defence operations for pounds 13m as speculation grows over its future in the North East.

Bradford-based Filtronic has sold its defence electronics business to Glasgow firm Teledyne Technologies and said it would now focus on its profitable "point to point" (broadband) operations in Newton Aycliffe, County Durham, where it employs 190 staff.

The deal follows the sale of its defence business in the US as the firm looks to get back on track after consecutive losses over recent years.

Its directors would not comment on their plans for the County Durham site as it is still under offer by US private equity firm Carlyle Group, which had been interested in acquiring the entire business before the Teledyne deal.

A spokesman for Filtronic said: "The firm has planned to sell off its defence operations for some time as it sees the current market as flat. However, it cannot comment on its future in the North East until it has resolved the situation with Carlyle Group. …

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