Dyson to buy Millennium Materials

21 June 2001

Dyson Group PLC proposes to acquire Millennium Materials Inc (MMI) for an initial 7.8 mln stg in cash and shares. MMI is a U.S. based developer and manufacturer of advanced ceramic materials and metal matrix composites for use in the electronics, information technology hardware and nuclear power generation industries.

Dyson explained that metal matrix composites are products formed from a combination of metals, such as aluminium, titanium or magnesium with performance enhancing chemicals in either fibre or particulate form. The resultant composite has superior characteristics which means that the product has greater potential for use in a wider variety of markets. The acquisition of MMI will enable Dyson to combine and build on its existing experience in metal matrix composites. It said the timing of the adoption of a number of the technologies is uncertain at this stage as they are undergoing testing, and the board has structured the terms of the acquisition to reflect the current position, the stage of development of key applications and the significant potential within MMI's product portfolio.

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