18th Feb 2005 07:00
Scapa Group PLC18 February 2005 18 February 2005 SCAPA GROUP BUYS OUT CHINESE JOINT VENTURE PARTNER Scapa Group plc ("Scapa") has completed the buy out of its Chinese joint venturepartner Mei Wei Holdings Ltd. (Mei Wei) for £345,000 (5 million Hong KongDollars). The joint venture, Scapa (Hong Kong) Ltd was established in February2000 with Scapa having a 75% shareholding and Mei Wei 25%. The buy out willenable Scapa to accelerate plans for increased manufacturing capabilities withinChina to meet the requirements of an increasing broad range of speciality tapeend markets in the region. The consideration was payable in cash in Hong Kong dollars with 20% of theconsideration deferred until 30th April 2005 subject to the performance ofcertain warranties by the vendor. Commenting on the buy out Tony Watson Chief Executive of Scapa said: "This is afurther important step in expanding Scapa's presence in China. Over the past 5years we have created a firm foundation for profitable growth in Asia and have astrong core of customers. This buy out will enable Scapa to establish additionalmanufacturing capabilities within China to meet the demands of this rapidlygrowing market for specialist technical tapes and cable compounds." For further information, please contact: Scapa Group plc Tony Watson, Chief Executive Tel: 01254 580123 Paul Garvey Financial Dynamics Deborah Scott Tel: 020 7831 3113 A full copy of this announcement can be found at www.scapa.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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