14th Jan 2011 11:17
14 January 2011 Umeco plc(`Umeco') Joint Venture in China
Further to the announcement made on 21 September 2010, Umeco today announces that the formation of its Chinese joint venture company, Shanghai Umeco Composites Co., Ltd., has been approved by the Chinese authorities.
Shanghai Umeco Composites Co., Ltd. will be 51% owned by Umeco Composites Limited with Umeco's Chinese distributor, Shanghai Leadgo Technology Co., Ltd., having a 49% stake. The joint venture's new manufacturing facility is expected to be fully operational by the end of 2011.
END Umeco plc Tel: +44 (0) 1926 331 800 Andrew Moss, Chief Operating Officer
www.umeco.com Tulchan Communications Tel: +44 (0) 207 353 4200 Christian Cowley Lucy Legh Notes
Certain statements made in this announcement are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from any expected future events or results referred to in these forward looking statements. Unless otherwise required by applicable law, regulation or accounting standard, we do not undertake any obligation to update or revise any forward looking statements, whether as a result of new information, future developments or otherwise. Nothing in this announcement should be construed as a profit forecast or estimate.
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 £409.4 million in the year to 31 March 2010.
Umeco is managed through three business streams:-
Umeco Composites - Structural Materials
Development, manufacture and supply of advanced composite materials. Specialising in the manufacture of high performance composite materials for a diverse range of industries such as aerospace, marine, motor sport & automotive, construction, wind energy and leisure sports. Structural Materials has manufacturing operations in the UK and the US, and distributes its products worldwide. Customers include Boeing, Airbus, manufacturers of high performance super cars and Formula 1 teams.
Umeco Composites - Process Materials
Development, manufacture and supply of vacuum bagging materials to the composites industry and other markets, providing a wide range of materials and technical support to a growing number of international customers. Process Materials has manufacturing operations in Italy and France, and value-added distribution facilities in the UK and the US. It has a global distribution network. Customers include Airbus, Boeing and manufacturers of wind turbine blades.
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. The Supply Chain businesses trade globally as Pattonair. 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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