big>[SatNews] A company is born, hopefully thrives, and in some instances is purchased, creating personnel changes such as...
Lars Thrane, the founder of Danish satellite communications company Thrane & Thrane A/S, has announced his decision to leave the business, now called Cobham SATCOM after its recent acquisition by Cobham plc and combination with Cobham’s other satellite communications companies.
This announcement was issued by Walther Thygesen, the vice president of Cobham SATCOM: “Lars has informed the Board that he will leave at the end of November. We respect his decision to leave the business, and we wish him all the very best for the future. We’re very appreciative of the support he has given us throughout this initial, critical period of the integration process, which is progressing well. He has built a great company, which we intend to grow further under Cobham’s ownership and the leadership of the Denmark-based management team.”
The following is from an announcement released on May 3, 2012...
Lars Thrane, Founder of Thrane & Thrane A/S
Cobham said Lars Thrane, who owns nearly 23 percent of the company’s share capital, had signed a binding commitment to sell his ownership under the new Cobham terms. Other
Thrane & Thrane board members have made similar agreements, which Cobham said brings its total current and committed Thrane & Thrane ownership stake to 47.4 percent. Thrane & Thrane’s board, acting independently of Lars Thrane, has agreed to propose to the company’s shareholders that they agree to the Cobham offer, Thrane & Thrane said in a May 3 statement.
Following several acquisitions in recent years, Cobham’s current satellite communications antenna business does about $160 million a year in business. For the year ending January 31, Thrane & Thrane’s revenue was about $192 million. Combining the two companies will create what Cobham believes will be the world’s biggest provider of satellite antennas for applications in the maritime, aeronautical and land-mobile sectors. The combined company will be operated from Thrane & Thrane’s current site in Denmark, Cobham has said.
“We are very pleased that, by increasing our offer to take account of the dividend for the year now ended, we have reached agreement with the board of Thrane & Thrane,” Cobham Executive Chairman John Devaney said in a May 3 statement. “Their recommendation will allow us to move quickly, and with certainty, with the integration of Thrane & Thrane into the Cobham group.”
Cobham said that, assuming it acquires 100 percent of Thrane & Thrane, the combined company will realize 4 million British pounds ($6.5 million) in savings per year.