8th Jul 2010 13:23
8 July 2010 Umeco plc ("Umeco") Completion of ACG South Africa divestment
Umeco, the advanced composite materials and supply chain services company, announces the completion by its subsidiary, Advanced Composites Group Limited ("ACG"), of the divestment of the business and assets of its South African based subsidiary, Advanced Composites Group SA (Pty) Limited ("ACGSA") to AAT Composites (Pty) Limited.
The divestment was announced on 7 June 2010 and the consideration payable for the business and assets is ZAR5.4 million (£0.5 million), subject to adjustment for working capital balances at completion.
ACG acquired ACGSA in June 2006, its principal business being the supply of parts, manufactured from composite material supplied by ACG, to McLaren Automotive for the McLaren Mercedes SLR. Production of this car has now ceased and the strategic rationale for retaining the business has diminished.
For further information please contact:
Umeco plc Tel: +44 (0) 1926 331 800
Clive Snowdon, Chief Executive
Doug Robertson, Finance Director
www.umeco.com
Tulchan Communications Tel: +44 (0) 207 353 4200
Lucy Legh
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