Spirent Communications announces that it has sold its subsidiary SwissQual Holding AG to private investors for $3 million
July 5, 2007
LONDON -- Spirent Communications plc ('Spirent' or 'the Company') (LSE: SPT), a leading communications technology company, announces today that it has sold its wholly owned subsidiary SwissQual Holding AG('SwissQual') to private investors for a cash consideration of US $3.0 million, approximately£1.5 million.
As indicated in April, at the time of the Company's operating review, SwissQual has been operating unprofitably, with losses continuing through the first half of 2007. Spirent will record a loss on disposal of approximately £5.5 million in relation to the transaction in 2007 and it will be reporting SwissQual as a discontinued operation in its interim financial statements.
Commenting on the transaction, Edward Bramson, Chairman of Spirent, said:
'The sale of SwissQual releases resources for use in Spirent's core businesses and it provides continuity for the customers and employees of SwissQual. We are pleased that the sale has been completed so expeditiously.'
SwissQual Holding AG
Spirent Communications plc
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