filtronic

Filtronic plc is a world leader in the design and manufacture of a broad range of customised RF, microwave and millimetre wave components and subsystems. The company's products are used in wireless communication equipment, point-to-point communication systems and adjacent defence/security sectors. Filtronic's customers include leading international original equipment manufacturers as well as a wide range of mobile phone network operators. Filtronic's strategic objective is to become the world's leading RF electronics subsystems company in the wireless infrastructure sector by utilising its proprietary technologies and engineering expertise throughout the world and applying these competencies to markets which offer opportunities for sustainable rates of growth and return. Filtronic addresses these opportunities by designing and supplying sophisticated and customised RF filter and microwave / millimetric products to meet its customers' requirements and by continuing to develop its global relationships with these customers. The Group's operations now include two separately reported trading business segments; Broadband which has been transitioned from the traditional Point to Pint backhaul (PTP) business, and the Wireless business which was acquired in 2010 under the Isotek name. Filtronic Broadband is an established leading designer and manufacturer of microwave & millimetre-wave products for commercial telecom, security and defence applications as well as providing build to print manufacturing at its state of the art highly automated UK facility. The product range includes Transceiver Modules and multi chip transceiver packages in Surface Mount technology and diplexers/filter products covering a wide frequency range from 4GHz to 110GHz including E-band and W-band. Filtronic Wireless is a world leader in the design and manufacture of RF filters, combiners and microwave sub-systems for the mobile telecommunications industry focussing on equipment for Original Equipment Manufacturers (OEM) and Network Operators. Following the disposal of all but the Broadband business in the years to 2008, and the return of £119 million of cash to shareholders, all historic pension liabilities were externalised and the Board concentrated upon developing areas identified as having strong growth potential. This lead to the acquisition of the Wireless business in 2010. The Companies history may be summarised as follows; The Company was founded in 1977 to undertake research, development and manufacture of microwave filters and subsystems for applications in defence and communication. Between 1981 and 1985, Advent Limited and Apax Partners & Co. Ventures Limited made equity investments in Filtronic. In October 1994, having demerged from the original Filtronic, Filtronic Comtek plc was listed on the London Stock Exchange. The business was subsequently renamed Filtronic plc following the acquisition in March 1998 of Filtronic Components Limited and Filtronic Cable Communications Limited. Over the next two years the Company embarked on a period of extensive growth through a number of acquisitions and also the formation of new business units. The business subsequently reorganised into three main units in 2003: Wireless Infrastructure, Handset Products and Integrated Products. The Handset Products business was then sold in 2005 for a consideration of £56.7 million. In October 2006, Filtronic disposed of the majority of its wireless infrastructure division, comprising transmit/receive filters, integrated remote radio heads and power amplifier products, all for use in commercial wireless infrastructure base station equipment, for shares and cash then worth $298 million. In October 2007, Filtronic disposed of the Defence Electronics business of Sage Laboratories Inc. for a consideration of £2.0 million. In March 2008, Filtronic disposed of its loss-making Compound Semiconductor business to RF Micro Devices Inc. for a consideration of £12.5 million. In August 2008, Filtronic disposed of its Defence business to Teledyne Technologies Incorporated for a consideration of £13 million (on a cash free debt free basis). Following the above disposals and the return of £119 million of cash to shareholders, the Company comprised the point-to-point business, which the Directors had identified as having a strong position in its sector. Offering excellent technology and world class manufacturing providing a platform for growth.