Eurotech to sell Parvus subsidiary to Curtiss-Wright Controls for €28.1m

October 01, 2013 // By Julien Happich
Eurotech to sell Parvus subsidiary to Curtiss-Wright Controls for €28.1m
Eurotech has signed an agreement with Curtiss-Wright Controls, a segment of Curtiss-Wright Corporation, for the sale of 100% of the share capital of Parvus Corporation, the American fully-owned subsidiary of the Eurotech Group specialized in embedded computers and COTS subsystems for the US Defence market.

The consideration for the transaction has been set by the parties at USD 38 million (equal to approx. €28.1m at current exchange rates), net debt free. According to the US GAAP, in 2012 Parvus had revenues equal to USD 20.19 million and EBITDA equal to USD 4.86 million. Eurotech S.p.A. acquired Parvus Corporation in 2003 for a counter value of USD 2.26 million (equal to €1.95 million) and in 2002 Parvus had revenues equal to USD 3.55 million and EBITDA equal to USD 254 thousand.

The proceeds of the transaction will be used for investment and development of the strategic activities of the Group, the support of the ordinary activities and possible uses for operations of external growth.

Roberto Siagri, President and CEO of Eurotech S.p.A., said: “This transaction allows us to focus on our strategic directions of Pervasive Computers and Low-power Supercomputers (Green HPCs), and at the same time it gives us the opportunity to accelerate investments to faster expand our presence in the market. With our M2M solutions, our Xentinel SaaS platform for security and surveillance and our EDC integration platform we can count on an innovative value proposition for the Internet of Things and the Smart Cities scenarios, while with With our Aurora and G-station solutions we can address the markets of Green HPCs and High Performance Embedded Computers (HPEC) for both fixed and mobile applications.”

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