Meggitt PLC Falcon 5X cancellation and launch of successor (3033Z)
14 December 2017 - 6:01PM
UK Regulatory
TIDMMGGT
RNS Number : 3033Z
Meggitt PLC
14 December 2017
14 December 2017
Meggitt PLC
Falcon 5X cancellation and launch of successor
Meggitt notes the announcement by Dassault Aviation of the
cancellation of the Falcon 5X programme and the launch of a new
Falcon programme featuring the same cross section, powered by Pratt
& Whitney Canada engines, with an expected entry into service
of 2022.
Dassault has indicated that it expects to re-use a maximum of
work undertaken to date on the Falcon 5X and that it intends to
work with Meggitt on the successor Falcon programme. Meggitt
expects to have further discussions with Dassault Aviation in the
coming weeks. Additionally, Meggitt has good content on the Pratt
& Whitney PW800 engine anticipated to be used in the successor
aircraft.
However, it remains possible that the cancellation of the Falcon
5X programme could lead to a non-cash impairment of some or all of
the capitalised work undertaken to date. Meggitt currently has
GBP50 million of assets relating specifically to the 5X programme,
and a further GBP11 million of assets relating to the Silvercrest
engine on its balance sheet.
Meggitt will update the market on further developments as
required.
Enquiries
Meggitt PLC +44 (0)1202 597 597
Doug Webb, Chief Financial Officer
Adrian Bunn, Vice President Strategy and Investor Relations
FTI Consulting +44 (0)20 3727 1000
Deborah Scott, Senior Managing Director
Nick Hasell, Managing Director
Cautionary statement
This trading update, including information included or
incorporated by reference in this trading update, may contain
forward-looking statements concerning Meggitt PLC or its group.
Generally, the words "will", "may", "should", "continue",
"believes", "expects", "intends", "anticipates" or similar
expressions identify forward-looking statements. Such
forward-looking statements involve risks, uncertainties and other
important factors which could cause the actual results, performance
or achievements of the Meggitt group or the market and economies in
which the Meggitt group operates to be materially different from
those expressed or implied by such forward-looking statements. Many
of these risks and uncertainties relate to factors that are beyond
the ability of Meggitt PLC or its directors to control or estimate
precisely, such as future market conditions and the behaviours of
other market participants, and therefore undue reliance should not
be placed on such statements, which speak only as at the date of
this trading update. Neither Meggitt PLC, nor any of its group
undertakings, nor the directors of any of them, assumes any
obligations to, and do not intend to, update these forward-looking
statements, except as required pursuant to applicable law.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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December 14, 2017 02:01 ET (07:01 GMT)
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