31st Mar 2008 15:41
UMECO PLC31 March 2008 31 March 2008 Umeco completes divestment of Chemicals Distribution business Umeco plc ("Umeco"), an international provider of supply chain and advancedcomposite materials primarily to the aerospace & defence industries, announcesthe completion of the disposal of its chemicals distribution business to HaasTCM. The divestment, which was announced on 11 March 2008 for a cash consideration of£13.0 million and leaves Umeco Composites well positioned to focus on its coreadvanced composites activities. The proceeds of the divestment will be used byUmeco initially to reduce Group borrowings. - Ends - Umeco plc (www.umeco.com) Tel: +44 (0) 1926 331 800Clive Snowdon, Chief ExecutiveDouglas Robertson, Group Finance Director Hogarth Partnership Tel: +44 (0) 20 7357 9477Barnaby Fry / Vicky Watkins Further Information on Umeco plc Umeco is a leading innovator in distribution, supply chain management for theaerospace and defence industries, harnessing new methods for enhancing itscustomers' performance and profitability. Umeco also has significant manufacturing interests in advanced compositematerials for a growing range of applications in its core aerospace and defencemarkets and in other high performance technology industries such as motor sport,automotive and wind energy. Listed on the London Stock Exchange, Umeco had turnover of £333.9 million in theyear to 31 March 2007. Umeco is managed through two divisions:- Umeco Supply Chain - a leading international provider of value-addeddistribution and supply chain outsourcing services to customers in the aerospace& defence market. 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, Safran Group, Parker Aerospace,Goodrich, Bombardier, Lockheed Martin and the US Department of Defense. Umeco Composites - a provider of a complete range of advanced compositematerials principally to the aerospace, motorsport, automotive and wind energymarkets. A growing range of value-added outsourcing services is provided tomajor customers. Customers include Boeing, Airbus, a number of manufacturers of high performancesuper cars and Formula 1 teams including Team McLaren Mercedes. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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