Cyclic Hotline
5th Jun 2000, 22:59
BBA buys $55 mln Lynton Aviation
LONDON, June 5 (Reuters) - British engineering company BBA Group Plc said on Monday it was to buy Lynton Aviation of the United States for $55 million, making it a leading operator in Europe's business aviation market.
BBA, which will pay for Lynton in cash out of its existing resources, also said it had completed the acquisition of Osprey Aviation for 2.5 million pounds.
"The acquisitions of Lynton and Osprey....are further evidence or our commitment to meet our customers' needs by developing a European network similar to the market leading position we have built up in the United States,'' Chief Executive Roberto Quarta said in a statement.
BBA's shares were unchanged at 447 pence at 0740 GMT.
Lynton, a provider of aviation services, operates at London's Luton and City airports as well as at Blackbushe and Denham in the UK and at Morristown in New Jersey. Lynton also charters and sells aircraft.
In the year to September 30, 1999, the business generated trunover of $65 million.
Osprey, which operates our of Southampton Airport in south England, generated turnover of 5.4 million pounds in 1999.
LONDON, June 5 (Reuters) - British engineering company BBA Group Plc said on Monday it was to buy Lynton Aviation of the United States for $55 million, making it a leading operator in Europe's business aviation market.
BBA, which will pay for Lynton in cash out of its existing resources, also said it had completed the acquisition of Osprey Aviation for 2.5 million pounds.
"The acquisitions of Lynton and Osprey....are further evidence or our commitment to meet our customers' needs by developing a European network similar to the market leading position we have built up in the United States,'' Chief Executive Roberto Quarta said in a statement.
BBA's shares were unchanged at 447 pence at 0740 GMT.
Lynton, a provider of aviation services, operates at London's Luton and City airports as well as at Blackbushe and Denham in the UK and at Morristown in New Jersey. Lynton also charters and sells aircraft.
In the year to September 30, 1999, the business generated trunover of $65 million.
Osprey, which operates our of Southampton Airport in south England, generated turnover of 5.4 million pounds in 1999.