The Commonwealth of Australia has decided to acquire an ownership interest in CEA Technologies Pty Limited, which the company said is welcomed by the board and management of the company. This agreement supports the continuation of the company’s dedicated focus on sovereign defence capability and gives shareholders certainty and clarity about the future strategic direction of the company.
CEA’s Chairman, Peter Robson, welcomed the Commonwealth as a significant shareholder in the company and thanks the departing long-term minority shareholders for their unwavering support over the last four decades. In particular the invaluable contribution of co-founder, David Gaul who has served the company in executive positions and as a valued Board member. Robson and the company executive also want to thank the departing longstanding shareholder, Northrop Grumman, for the impartial support provided through Board representation since 2006.
The enduring support provided by all shareholders and departing Board members, leave the company in a very good financial and operational state, well positioned for future strategic growth, able to meet technology challenges and to deliver advanced capability systems to the Australian Defence Force and its allies.
The CEA Board, management and staff are supportive of the ownership changes and look forward to this new era of consolidated Australian shareholding and continuation of ‘business as usual’ for the company.