VIENNA, Va., Oct. 1 /PRNewswire-FirstCall/ -- The Allied Defense Group,
Inc. (Amex: ADG) announces it has closed the previously announced sale of its
California subsidiary, Global Microwave Systems, Inc. to a wholly owned
subsidiary of Cobham plc, an international company engaged in the development,
delivery and support of advanced aerospace and defense systems for land, sea
and air platforms.
Allied Defense Group received $26 million in cash in this transaction.
Major General (Ret) John J. Marcello, President and Chief Executive
Officer of The Allied Defense Group said, "GMS has been an important part of
our Electronic Security business segment. It has shown meaningful growth
since we acquired the business in late 2005. The divestiture of GMS will
allow the Company to reduce and repay debt, and focus efforts on its key
strengths in the Ammunition market place. The completion of the sale of GMS
represents another step in our strategic plan to dispose of non-core assets to
reduce and repay our outstanding debt and strengthen our balance sheet. ADG
continues to restructure and recapitalize to maximize value for all of our
shareholders."
Houlihan Lokey advised the Allied Defense Group, Inc. in connection with
the transaction.
About The Allied Defense Group:
The Allied Defense Group, Inc. is a diversified international defense firm
which develops and produces conventional medium caliber ammunition marketed to
defense departments worldwide; designs, produces and markers sophisticated
microwave security systems. For more information, please visit the Company
website: www.allieddefensegroup.com/
Certain statements contained herein are "forward looking" statements as
such term is defined in the Private Securities Litigation Reform Act of 1995.
Because statements include risks and uncertainties, actual results may differ
materially from those expressed or implied and include, but are not limited
to, those discussed in filings by the Company with the Securities and Exchange
Commission.
For More Information, Contact:
Jim Drewitz Investor Relations
830-669-2466
SOURCE The Allied Defense Group, Inc.