LONDON, Dec. 20 /PRNewswire/ -- Marconi plc (Nasdaq: MONI; London) today
announced that it has reached agreement to sell its wholly-owned subsidiary,
Marconi Commerce Systems, to Danaher Corporation (NYSE: DHR) for
US$325 million (approximately 225 million pounds) in cash. The transaction,
which is subject to regulatory approvals, is expected to close in early 2002.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000504/MARCLOGO )
"This transaction represents a major milestone in our ongoing program to
focus on our core communications business and generate over 500 million pounds
in cash, by March 2002, from our non-core asset portfolio," said Marconi Chief
Executive, Mike Parton. "It reinforces our confidence in achieving this
goal."
Marconi Commerce Systems, headquartered in Greensboro, North Carolina, is
a leading supplier of fuel dispensing equipment, fully integrated point of
sale systems and back office accounting systems for the global petroleum
marketplace. During the six month period ended 30 September 2001, the company
contributed sales of 183 million pounds and operating profits of 5 million
pounds in the Group's consolidated accounts. For the 12-month period ended
31 March 2001, the company contributed sales of 410 million pounds and
operating profits of 46 million pounds.
The value of the company's net assets was 108 million pounds at
30 September 2001. Proceeds from the transaction will be applied to reduce
Group net debt.
About Marconi
Marconi has research and development facilities in 19 countries,
manufacturing operations in 16 countries, and customers in over 100 countries.
Marconi delivers innovative solutions that transform communications networks.
Marconi plc is listed on the London Stock Exchange and Nasdaq under the symbol
MONI. Additional information about Marconi can be found at http://www.marconi.com.
About Danaher Corporation
Danaher Corporation is a leading manufacturer of Process / Environmental
Controls and Tools and Components.
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.
2001 Marconi plc. All rights reserved. All brands or product names are
trademarks of their respective holders.
Contacts
Marconi plc
Name: David Beck/Wendy Timmons
Title: Bell-Pottinger Financial
Phone: + 44 (0) 20 7861 3864
Phone: + 44 (0) 20 7861 3890
Name: Jim Blew
Title: Public Relations
Phone: (724) 742-7745
james.blew@marconi.com
Name: Heather Green
Title: Investor Relations
Phone: +44 (0) 207 306 1735
heather.green@marconi.com
SOURCE Marconi plc
 back to top
Related links:
http://www.marconi.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20000504/MARCLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 212-782-2840
CONTACT:
David Beck/Wendy Timmons of Bell-Pottinger
Financial, + 44 (0) 20 7861 3864, or + 44 (0) 20 7861 3890; or
Jim Blew, Public Relations, +1-724-742-7745, or
james.blew@marconi.com, or Heather Green, Investor Relations, +44
(0) 207 306 1735, or heather.green@marconi.com, both of Marconi
plc
|
