6th Jan 2006 15:11
UMECO PLC06 January 2006 6 January 2006 UMECO PLC PRESS RELEASE Compstock Electronics UMECO plc, a leading international provider of value-added services, componentsand composite materials primarily to the aerospace & defence industry, announcesthat its Components division subsidiary Compstock Electronics Limited("Compstock") has sold its industrial products business to a new company,Flightspares Electonics Limited, formed by two of the directors of Compstock.The aerospace & defence activities of Compstock have been transferred toPattonair Limited based in Woking which is one of the division's main Europeandistribution centres. This reorganisation follows a period of poor trading in the UK electronicsmarket and will enable UMECO Components to focus on this product range withinits core aerospace markets. From 9 January 2006, the Compstock name will nolonger be used and the product range will be traded under the Pattonair brand. The consideration for the business being disposed is £0.4 million in cash. UMECOwill incur a loss on the disposal and the related reorganisation ofapproximately £1.1 million including a goodwill write off of £0.4 million andthis will be accounted for as a significant item in the Group accounts for theyear ending 31 March 2006. - 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 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:
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