7th Jun 2010 07:00
7 June 2010 Umeco plc ("Umeco") Sale of ACG South Africa
Umeco, the advanced composite materials and supply chain services company, today announces that its subsidiary, Advanced Composites Group Limited ("ACG") has agreed terms for the divestment of the business and assets of its South African based subsidiary, Advanced Composites Group SA (Pty) Limited ("ACGSA") to AAT Composites (Pty) Limited.
The consideration payable for the business and assets is ZAR5.4 million (£0.5 million), subject to adjustment for working capital balances at completion.
ACG acquired ACGSA in June 2006, its principal business being the supply of parts, manufactured from composite material supplied by ACG, to McLaren Automotive for the McLaren Mercedes SLR super car. Production of this car has now ceased and the strategic rationale for retaining the business has diminished.
Completion of the divestment is expected to occur on or before 30 June 2010 and is subject to various conditions precedent being satisfied.
Umeco will treat ACGSA as a discontinued operation in its results for the year ended 31 March 2010 that will be released on 8 June 2010.
For further information please contact:
Umeco plc Tel: +44 (0) 1926 331 800
Clive Snowdon, Chief Executive
Doug Robertson, Finance Director
www.umeco.com
Tulchan Communications Tel: +44 (0) 207 353 4200
Lucy Legh
Further Information on Umeco plc
Umeco is a leading innovator in distribution and supply chain management to the aerospace and 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 GBP415.3 million in the year to 31 March 2009.
Umeco is managed through two business streams:-
Umeco Composites - a provider of a complete range of advanced composite materials principally to the aerospace, motor sport, automotive and wind energy markets.
Customers include Boeing, Airbus, BAE Systems, manufacturers of wind turbine blades, a number of manufacturers of high performance super cars and Formula 1 teams including Team McLaren Mercedes.
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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