Dorset-based manufacturer of defence and aerospace systems Cobham Plc has sold M/A-COM Technology Solutions (MTS), its US commercial business division, to John Ocampo, the owner of private equity fund GaAs Labs, for up to $90 million (£65 million). 

Dorset-based manufacturer of defence and aerospace systems Cobham Plc has sold M/A-COM Technology Solutions (MTS), its US commercial business division, to John Ocampo, the owner of private equity fund GaAs Labs, for up to $90 million (£65 million).

Warren Tucker, Cobham’s CFO, said: “Cobham has sold MTS in the face of difficult market conditions and this allows us to focus on our core business. Despite the reduction in valuation multiples and credit availability, we are pleased to have achieved a sensible economic outcome and to have placed MTS in the hands of owners who are specialists in the industry.”

Cobham reported strong growth in 2008, with revenue up 38 per cent to £1.5 billion. Allan Cook, chief executive of Cobham, said: “I am delighted to report another set of strong results, with double-digit organic revenue and underlying earnings per share growth, and excellent cash generation in a challenging economic environment.”