‘Success Through Engineering Excellence’

Meggitt Aerospace Company Overview - The Last 12 Months

NBAA ’98
Ref: Overview.doc

Meggitt PLC, represented at NBAA ’98 by two of its Strategic Business Units (SBUs), has enjoyed a highly successful 12 months. This period has been marked by a series of landmark events for the Group including both strategic acquisitions and significant contract wins.

These developments reflect an aggressive pursuit of the goal of establishing Meggitt SBUs as leaders within the specialist niche markets they serve. This policy is characterised by a track-record of investing substantially in developing market leading products that typically outperform those of much larger competitors and acquiring other niche manufacturers to establish market dominance.

The success Meggitt has achieved through the innovative products its companies develop (30% of the Group’s sales relate to the latest innovations), is serving to build something of a ‘Giant Killer’ reputation for the Group.

Recent News

In late August 1998 Meggitt Avionics announced another milestone in its development with a contract to supply The New Piper Aircraft, Inc. with an integrated suite of avionics equipment for the Malibu Meridian. The importance of this contract cannot be understated. It is Meggitt Avionics’ first primary flight display contract, the result of an intensive programme of product development. This contract follows one of the largest awarded to the Group earlier in the year when Meggitt Avionics was appointed by Boeing Commercial Aircraft Group to supply the Secondary Flight Display System" equipment for a range of its 7 Series aircraft. The contract value is estimated at US$100 million.

It is not just the size of the contract that is significant but also the fact that it was won against fierce competition from some of the largest avionics manufacturers in the industry. It also marked the coming of age of the electronic standby avionics, the development of which Meggitt Avionics has pioneered since 1993.

Meggitt PLC’s organic growth has been complemented with acquisitions that have served to further strengthen individual SBUs’ positions within their individual markets.

Following the acquisition of Elastomeric Silicone Products by Meggitt Aerospace Components in December of last year, the USA based company Hayes Targets was acquired becoming part of Meggitt Defence Systems, the specialist aerial targets, UAV and countermeasures business within the Group.

Most recently, in August this year, the acquisition of Swiss based company Vibro-Meter was announced. This acquisition will further strengthen the already strong market presence enjoyed by Endevco, an operating company within Meggitt Electronic Components, with whom Vibro-Meter had previously competed for Engine Vibration Monitoring Systems and Electronic Sensor contracts.

All these new acquisitions have been made as part of the above stated policy of niche domination and enhanced customer service.

There are numerous other examples of contract wins, new product developments and positive change over this period, all of which illustrate the success of Meggitt PLC’s clear management focus on engineering excellence, niche marketing and a heavy investment in creating the next generation of products its customers need.

These examples reflect yet another year in which Meggitt has gone from strength to strength by pursuing a policy of ‘success through engineering excellence’.

ENDS

For further information contact the Meggitt Booth (No1114), or contact:

Roger Tyson
Meggitt Aerospace Components
1175 Aviation Place,
San Fernando, California 91340, USA
Tel: (818) 361 0900
Fax: (818) 361 0518

Tim Cronin
Meggitt Avionics Inc
10 Ammon Drive,
Manchester, NH 03103-7406, USA
Tel: (603) 669 0940
Fax: (603) 669 0931
e-mail: avi@meggittavi.com

This and other Meggitt PLC press information, together with general company information can be found on the Meggitt web site www.meggitt.com