18th Dec 2009 09:38
18 December 2009
Umeco plc ("Umeco")
Umeco, the advanced composite materials and supply chain services company, announces that David Porter will retire from the Board of Directors of Umeco with effect from 31 December 2009 after having served as a Director for nine years.
From 31 December 2009, Graham Zacharias will become chairman of Umeco's audit committee in place of David Porter.
The Nomination Committee will conduct a search process to identify a new non-executive Director to join the Board. Once the new non-executive Director has been identified, a review of the composition of the audit and remuneration committees will be made and the identity of the new Senior Independent Director will be confirmed.
Neil Johnson, Chairman of Umeco and speaking on behalf of the Board, said:
"Since joining the Board in 2001, David has made a significant contribution to Umeco: as a non-executive Director, as chairman of the Audit Committee and as Senior Independent Director."
"On behalf of the Board, I thank David sincerely for his contribution to Umeco's development and extend our very best wishes to him for the future."
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For further information, please contact:-
Tulchan Communications Tel: +44 (0) 207 353 4200 John Sunnucks Lucy Legh
Further Information on Umeco plc
Umeco is a leading innovator in distribution and supply chain management to the aerospace & defence industries, harnessing new methods for enhancing its customers' performance and profitability. Umeco also has significant manufacturing interests in advanced composite materials for a growing range of applications in its core aerospace and defence markets and in other high performance technology industries such as motor sport, automotive and wind energy.
Listed on the London Stock Exchange, Umeco had revenue from continuing operations of 415.3 million in the year to 31 March 2009.
Umeco is managed through two business streams:-
Umeco Composites - comprises a Structural Materials business and a Process Materials business. With seven operating units located throughout the UK, Europe and the US, it provides a range of services, products, design expertise and tooling solutions principally to the aerospace market and other users of advanced composite materials.
Customers include Boeing, Airbus, BAE Systems, manufacturers of wind turbine blades, a number of manufacturers of high performance super cars and Formula 1 teams.
Umeco Supply Chain - a leading international provider of value-added distribution and supply chain outsourcing services to customers in the aerospace & defence market. With its specialisation in the supply of small and medium value components and sophisticated IT systems, its growing global customer base can enjoy significant operational, cost and working capital benefits.
Customers include Rolls-Royce plc, BAE Systems, Safran Group, Parker Aerospace, Goodrich, Thales Aerospace, Turbomeca, ATK, Lockheed Martin and the US Department of Defense.
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