Farewell to Meggitt Training, hello InVeris
Meggitt Training Systems Inc (MTSI) has been sold to Pine Island Capital Partners for $146 million and as a result, MTSI has been rebranded as InVeris Training Solutions.
Parent company Meggitt’s share price dropped off a cliff in March due to COVID-19, falling from 690p to 223p and slumping to 217p on 1 April before recovering slightly.
Since selling aerial target specialists Meggitt Target Systems to QinetiQ in 2017, the UK-based aerospace and defence group seems to have lost interest in the training market.
As well as divesting itself of MTSI, other attempts by Meggitt to counter the economic effects of COVID-19 included laying off 164 workers from its aerospace engine composite plant in Erlanger, Kentucky.
MTSI had a long and established tradition in the virtual small arms trainer (VSAT) and live-fire target markets, stretching back over 90 years through the acquisition of FATS in 2006 and Caswell International in 2003.
During this period, the company has fielded more than 15,000 live-fire ranges and 5,100 virtual training systems.
InVeris remains headquartered in Suwanee in Georgia and retains facilities on five continents that support customers in 130 countries. In total, the company employs more than 400 staff across its sites.
InVeris supplies the FATS family of VSATs along with ground targets and integrated live-fire range systems, shoot houses (see picture) and mobile ranges.
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