Meggitt : New Divisional Structure

New Divisional Structure

Released : 02 Jul 2018 07:00

RNS Number : 1605T

Meggitt PLC

02 July 2018

2 July 2018

Meggitt PLC

New Divisional Structure

Meggitt PLC ("Meggitt" or "the Group"), a leading international company specialising in high performance components and sub-systems for the aerospace, defence and energy markets, today announces a reorganisation designed to align its divisions more closely with its customer base and support the company's plans to accelerate organic growth.

With effect from 1 January 2019, the current structure of capability-based business units will be replaced by four customer-focused divisions as follows:

The Airframe Systems division will bring together the Group's capabilities which serve the world's leading commercial, business and military aircraft manufacturers, including the braking systems, fire and safety systems and electrical power capabilities.

The Engine Systems division will aggregate the Group's offering to aero-engine manufacturers including flow control, thermal management, sensors and engine composites.

The Energy & Equipment division will encompass the Group's strong niche positions in selected energy markets, together with its training systems and defence systems capabilities.

The Services & Support division (formerly Customer Services & Support) will continue to provide a full range of spare parts distribution, maintenance, repair and overhaul (MRO) services to support the Group's aftermarket customers and maximise the value of Meggitt products and systems throughout their life cycle.

Tony Wood, Chief Executive, said: "The reorganisation of the Group into four customer-focused divisions that we are announcing today provides an opportunity to accelerate growth and better leverage the operational benefits of our continued transition from a holding company to an integrated aerospace, defence and selected energy market group."

As separately announced, a conference call for analysts and investors will be held at 09.00 hrs this morning. The dial-in details are as follows:

Dial-in number: 08003589473

Access code: 58534134#

URL for international dial-in numbers:http://events.arkadin.com/ev/docs/NE_W2_TF_Events_International_Access_List.pdf

Enquiries

Meggitt PLC

+44 (0)1202 597 597

Doug Webb, Chief Financial Officer

Adrian Bunn, Vice President Strategy and Investor Relations

FTI Consulting

+44 (0)20 3727 1000

Deborah Scott, Senior Managing Director Nick Hasell, Managing Director

Cautionary statement

This trading update, including information included or incorporated by reference in this trading update, may contain forward-looking statements concerning Meggitt PLC or its group. Generally, the words "will", "may", "should", "continue", "believes", "expects", "intends", "anticipates" or similar expressions identify forward-looking statements. Such forward-looking statements involve risks, uncertainties and other important factors which could cause the actual results, performance or achievements of the Meggitt group or the market and economies in which the Meggitt group operates to be materially different from those expressed or implied by such forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the ability of Meggitt PLC or its directors to control or estimate precisely, such as future market conditions and the behaviours of other market participants, and therefore undue reliance should not be placed on such statements, which speak only as at the date of this trading update. Neither Meggitt PLC, nor any of its group undertakings, nor the directors of any of them, assumes any obligations to, and do not intend to, update these forward-looking statements, except as required pursuant to applicable law.

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