DISPOSAL OF HANDSET ANTENNAE BUSINESS ASSETS
Laird PLC ("Laird"), a global technology company focused on providing components and solutions that protect electronic devices from electromagnetic interference and heat, and that enable wireless connectivity through wireless applications and antennae systems, today announces that it has reached an agreement with Shenzhen Sunway Communication Co., Ltd ("Sunway") for the disposal of the entire issued share capital of Laird Technologies (Beijing) Co., Ltd.
Laird Technologies (Beijing) Co., Ltd is the owner of the assets which are associated with the Handset Antennae business which Laird announced it was exiting in June 2011, and which includes the ownership of its facility in Beijing.
The transaction is for a cash consideration of RMB 198m (c. £20m) and is subject to Sunway obtaining shareholder and other regulatory approval which, if obtained, will allow the transaction to complete in the second half of 2012.
Following completion of this disposal, Laird will have completed its exit from the Handset Antennae business.
Nigel Keen, Executive Chairman
Jonathan Silver, Finance Director
Anna Hartropp, Head of Investor Relations
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