Marconi Sells Applied Technologies

LONDON -- Marconi (MONI) today announced that it has agreed the sale of its Applied Technologies division (MTech), to 3i and funds associated with 3i, for £57 million (comprising £50 million in cash and a £7 million vendor loan note). The company will trade as E2V technologies. The sale of Marconi Applied Technologies Limited and Marconi Applied Technologies Inc completed today. The completion of the sale of assets of Marconi Applied Technologies’ French business will occur subject to the receipt of French regulatory approval.Mike Parton, chief executive, Marconi plc, said: "This transaction represents good news for Marconi Applied Technologies, its customers and staff, as well as Marconi plc, re-positioning this strong business for long term growth whilst releasing cash proceeds to Marconi."Marconi Applied Technologies is a technology innovator and market leader in radio frequency (RF) microwave and imaging components and subsystems for the industrial, medical, scientific and broadcast communications market sectors. Headquartered in Chelmsford, Essex, and with a base in Lincoln, the company employs over 1,350 people worldwide, primarily in the UK. The division also has operations in the United States, Germany and France and has established a network of agents and distributors covering the Americas, Europe, the Middle East and Africa, Far East and Australia.Marconi PLC3i Group PLC