11th Mar 2008 07:02
UMECO PLC11 March 2008 11 March 2008 Umeco plc Divestment of Chemicals Distribution businesses Umeco plc, an international provider of supply chain services and advancedcomposite materials to the aerospace & defence and automotive industries,announces the divestment of its principal chemicals distribution businesses toHaas TCM Group Inc. ("Haas") for a cash consideration of £13.0 million. Thedivestment will be effected by way of the sale of the entire issued sharecapital of Aeropia Limited, Aeropia, Inc., and RD Taylor & Company Limited toHaas TCM of the UK Limited, a wholly owned subsidiary of Haas . In the year to 31 March 2007, the businesses being sold (Aeropia and RD Taylor)generated revenue of £27.7 million, and operating profit of £1.1 million. As at31 March 2007, their combined gross assets were £11.8 million, and net assetswere £4.6 million. The businesses formed part of Umeco Composites. The divestment will allow Umeco Composites to focus on its core advancedcomposites activities. The proceeds of the divestment will be used by Umecoinitially to reduce Group borrowings. Completion of the divestment is subject to clearance being received from theGerman anti-trust authorities. Completion will take place promptly after thatprocess is concluded. Clive Snowdon, Chief Executive of Umeco plc, said: "These businesses were non-core to our strategy for Umeco Composites. Theirdivestment will free up resources which can instead be focused on pursuing themany high growth opportunities open to us in the provision of advanced compositematerials to our core markets of aerospace, motor sport, automotive and windenergy." - Ends - For further information, please contact:- 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 9477John Olsen / Barnaby Fry 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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