22nd Nov 2007 07:03
UMECO PLC22 November 2007 22 November 2007 UMECO PLC Umeco continues to build Composite Division with Primco Acquisition Umeco plc ("Umeco" or the "Group"), an international provider of supply chainservices and advance composite materials primarily to the aerospace & defenceindustries, today announces the further expansion of its Composites divisionwith the acquisition of George Cole Technologies Limited which trades as Primco("Primco") for a cash consideration of £3.0 million. Primco, a privately owned business based in Manchester, is a composite materialsbusiness that develops and manufactures a range of phenolic resin basedpre-impregnated materials ('pre-pregs') used in aerospace, defence, industrial,medical and sporting applications. Primco holds a number of productqualifications including those related to Airbus interior materials. The company, which has been established for over 40 years, is being acquiredthrough Advanced Composites Group ("ACG"), a member of Umeco Composites.Primco's materials, manufacturing technologies and applications are highlycomplementary to those of ACG, and will further enlarge the Group's existingrange of composite materials technologies and aerospace qualifications. In the year ended 31st October 2007 Primco had sales of £5.4 million. Umeco announced in September the completion of its acquisition of JD Lincoln("JDL"), a composites business based in California. Similarly to Primco, JDLformulates and manufactures a range of phenolic resin based pre-pregs foraerospace, marine, medical, sporting, automotive and other extreme environmentapplications. Lincoln also has a wide range of qualifications, including thoserecently added for the Boeing 787 and the Airbus 380. Clive Snowdon, Chief Executive of Umeco plc, commented: "The Primco acquisition further illustrates the progress Umeco has achieved indelivering complementary growth to the Group both in the UK and overseas. Itwill enable us to offer our existing customers a wider range of materialtechnologies, whilst allowing ACG to further consolidate its market leadingposition, in a continuously evolving composite arena. "Primco offers good long term value-creating growth and we look forward torealising operating synergies as we integrate it into our existing business." - Ends - For further information, please contact: Umeco plc Clive Snowdon, Chief Executive 01926 331800 Hogarth Partnership Ltd John Olsen / Vicky Watkins 020 7357 9477 Further information on Primco is available at http:// www.primco.co.uk Notes to Editors Umeco plc Umeco is a leading innovator in distribution and supply chain management to 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 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 Formula 1 teams including Team McLaren Mercedes. 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, Thales, Aerospace, Turbomeca, Lockheed Martin and the US Department ofDefense. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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