LONDON Thales has finalized the sale of its high tech optics (HTO) activities in the U.K., U.S., Singapore, Germany and Hungary to Candover.
The sale for a total of Euro220million in cash has received approval by the regulatory authorities for competition (Germany and Austria) and foreign investments (U.S.).
Thales HTO designs and manufactures high precision optical components and modules for both military and civil applications and is active in four main areas: infantry night vision, optical components, optical modules and optical coatings.
Thales says its has divested the non-core businesses having bought Avimo and Pilkington for their optronic system capabilities which will continue to be part of its product portfolio.
The HTO businesses have approximately 1,400 employees and generated revenues of Euro127million in 2004. Since its formation in 1980, Candover has invested in 125 buyouts worth over Euro25billion.