Qinetiq targets Meggitt in latest acquisition
In a bid to expand its global reach UK based company Qinetiq has announced the acquisition of Meggitt Target Systems for the sum of £57.5 million ($70.1 million).
Meggitt currently provides target systems to around 40 countries and has operating bases in both the UK and Canada, generating 90% of its revenue outside of the UK. According to Qinetiq, Megget is expected to generate £28 million of revenue and approximately £5.5m of operating profit in the year to 31 December 2016.
The acquisition will form part of Qinetiq’s new international business unit and will be reported within Qinetiq’s Global Products
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