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ERA Technology Ltd announces that it has reached agreement to sell the entire
issued share capital of the Company to Chelton Ltd and expects
to complete the transaction by mid September 2003.
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ERA Technology provides specialist,
high value added, technology-based services including
design and development, testing, assessment and expert
advice. ERA was founded in 1920 and has built a reputation
for technical expertise through its constant innovation
at the leading edge of technology. This capability is
delivered through its highly skilled workforce of 300
people, of which over 70% have a bachelor’s degree
and some 50% have a Masters degree or a PhD.
ERA’s turnover in the financial
year ended 31 December 2002 was £21.3 million
and its projected turnover for 2003 is £23 million.
ERA has net assets as of September 1st 2003 of £10.8
million, including over £5 million in cash.
ERA will continue to serve its many
customers and to operate in the broad range of technology
markets it focuses on today. The entire management team
of ERA Technology, including the Chief Executive Mr
Fred Cahill, will remain with the company.
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Fred Cahill (CEO of ERA Technology)
and Geoff Cooper
(Managing Director of Chelton Ltd)
DSEi 10 September |
Commenting on the acquisition Fred Cahill, Chief Executive
of ERA Technology, said: “We are delighted to be able
to announce the acquisition by Chelton. Being part of a large
technology based company will offer new and exciting opportunities
to the staff of ERA. ERA has significant synergies with the
Chelton organisation and will provide a first class technical
research and design capability."
10th September 2003
| Enquiries: |
ERA Technology
Tel: +44 (0)1372 367000
Fred Cahill, Chief Executive
Joe Fewtrell, Finance Director |
Chelton
Ltd
Tel: +44 (0) 1628 472072
Geoff Cooper, Managing Director
Paul Long, Finance Director |
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2003 News Archive 
