Cubic Announces the Sale of Commercial Properties in San Diego and Orlando
Cubic rationalizes real estate to streamline operations and implement facility improvements
SAN DIEGO, June 19, 2019 /PRNewswire/ -- Cubic Corporation (NYSE: CUB) today announced it has further rationalized its real estate footprint with the sale of its Kearny Mesa campus in San Diego, California and its Orlando, Florida facility for a combined total of $46 million.
"We are pleased to further optimize Cubic's real estate footprint as part of our ongoing focus on disciplined capital allocation and driving long-term shareholder value," said Anshooman Aga, executive vice president and chief financial officer, Cubic Corporation. "These transactions support Cubic's One Cubic initiative to collocate our San Diego-based talent onto one collaborative campus."
The sale of Cubic's Kearny Mesa facility is the first step in the consolidation of its two San Diego campuses into one site at its headquarters, located at 9333 Balboa Ave. Cubic will be leasing a facility in Orlando to be closer to its training and simulation customers.
About Cubic Corporation
Cubic is a technology-driven, market-leading provider of integrated solutions that increase situational understanding for transportation, defense C4ISR and training customers worldwide to decrease urban congestion and improve the militaries' effectiveness and operational readiness. Our teams innovate to make a positive difference in people's lives. We simplify their daily journeys. We promote mission success and safety for those who serve their nation. For more information about Cubic, please visit www.cubic.com or on Twitter @CubicCorp.
SOURCE Cubic Corporation
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