25th Aug 2005 10:30
UMECO PLC25 August 2005 25 August 2005 PRESS RELEASE UMECO plc Acquisition of Aviation Windings UMECO plc, the leading international provider of value-added services andcomposite materials to the aerospace, defence and other industries, announcesthat its Repair & Overhaul Division subsidiary AEM Limited ("AEM") has acquiredthe entire share capital of Aviation Windings Limited ("AW") from theshareholders of The Deritend Group. UMECO also announces that its Repair & Overhaul Division has today signed anagreement to provide windings services to Goodrich Control Systems Limited, AW'smajor customer, for the next five years. AW provides highly specialized expertise in the manufacture and repair of woundcomponents used primarily in electric motors and generators for in-flightoperations. The company's strong capabilities in the winding arena make AW oneof the market leaders in its field, complementing AEM's broad portfolio ofrepair and overhaul services. AW is based in Luton and employs 30 staff, supporting airlines, third partymaintenance facilities and OEM's in both civil and defence sectors of theaerospace market and is one of the three leading companies in Europe in itsfield. The purchase price is £1.6 million payable in cash. In addition AEM is takingover the indebtedness of AW. Additional consideration of up to £0.5 million ispayable based on the performance of AW in the 12 months following completion. Clive Snowdon, Chief Executive of UMECO, commented: "We have made no secret of our strategic aim to expand our Repair & OverhaulDivision. AW closely complements AEM's electrical component repair activity, butsignificantly broadens their capability in this area. Furthermore, AW willbenefit from AEM's international sales and marketing presence and we aredelighted to announce the five year agreement with Goodrich this morning,demonstrating the continued leading position of AW in the windings market." - 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 attached). Contd./ 2 - 2 - 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. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Ubsetfusmca