Elizabeth Leigh
Cobham Plc has earmarked $1.2 billion for civil sector investments in an effort to broaden its portfolio beyond defense and security sales.
The U.K.-based airborne refueling kit manufacturer is targeting acquisitions in civil markets, where 34 percent of its sales come from, Bloomberg reported Thursday.
“We think there are businesses that have good exposure to growing markets that do not have the premium multiples we see in commercial aerospace,“ said Bob Murphy, chief executive, according to Bloomberg.
He said the company would continue aiming to grow its commercial portfolio, where revenue reached 7 percent in 2012 due in part to the supply of jetliner parts to Airbus SAS and Boeing.
Cobham is part of an EADS consortium bidding to deliver A330-based air force refueling planes to India, as well as supplies Embraer SA“™s KC-390 transport aircraft in Brazil.
