11th Nov 2005 10:33
UMECO PLC11 November 2005 11 November 2005 Acquisition of Aeromedic Innovations UMECO plc, a leading international provider of value-added services, componentsand composite materials primarily to the aerospace & defence industry, announcesthat its Repair and Overhaul division subsidiary AEM Limited ("AEM") hasacquired the entire share capital of Aeromedic Innovations Limited ("AeromedicInnovations") from Mr Lawrence Harding, its founder and sole shareholder. Aeromedic Innovations supplies, maintains and overhauls on-board medical kitsand therapeutic oxygen equipment principally to airlines. The business is highlycomplementary to AEM's safety equipment business unit, which manufactures theoxygen equipment sold by Aeromedic Innovations. Aeromedic Innovations is based in Uxbridge and employs 12 staff including MrHarding who will remain with the company. The purchase price is £2.1 million payable in cash on completion. Additionalconsideration of up to £0.7 million is payable based on the performance ofAeromedic Innovations in the year ending 31 March 2006. Clive Snowdon, Chief Executive of UMECO plc, commented: "Aeromedic Innovations is a quality company that is a perfect fit with ourexisting safety business in the Repair and Overhaul division. It is wellregarded by its customers in the airline industry and continues our strategicaim to expand that division. It further enhances our repair and overhauloffering following the acquisition of Aviation Windings in August." - Ends - For further information, please contact: UMECO plcClive Snowdon, Chief Executive 01926 331800 Hogarth Partnership LtdJohn Olsen / Barnaby Fry 020 7357 9477 Notes to editors UMECO plc is a leading international provider of value-added distributionservices and composite materials primarily to the aerospace & defence,automotive, motorsport, and wind turbine industries. Listed on the London Stock Exchange, UMECO had turnover of £242.4 million in theyear to 31 March 2005. UMECO is managed through three divisions:- UMECO Components - a leading international provider of value-added distributionand supply chain outsourcing services to customers in the aerospace & defencemarket. With its specialisation in the supply of small components andsophisticated IT systems, its growing global customer base can enjoy significantoperational, cost and working capital benefits. Customers include Rolls-Royce plc, BAE SYSTEMS, Snecma Groupe, Parker Aerospace,Goodrich Aerospace, Bombardier, Lockheed Martin and the US Department ofDefense. UMECO Composites - a provider of a complete range of advanced compositematerials and specialist chemical products principally to the aerospace,motorsport, automotive and wind energy markets. A growing range of value-addedoutsourcing services is provided to major customers. Customers include Boeing, Airbus, BAE SYSTEMS, Goodrich Aerostructures, BritishAirways, Lufthansa Technik, a number of manufacturers of high performance supercars and all the Formula 1 teams. UMECO Repair and Overhaul - a provider of a comprehensive accessory repair andinstallation service to operators of fixed and rotary wing aircraft ranging insize from executive jets through to a Boeing 747. Customers include British Airways, KLM, Swiss, Alitalia Express, BristowHelicopters, BAE SYSTEMS, Saab Aircraft and Pratt & Whitney. For further information on Aeromedic Innovations please visitwww.aeromedicgroup.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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