NetComposites
Airtech

Proposed £44.25 million acquisition of Advanced Composites

19 March 2004

UMECO plc, today announced the proposed acquisition of the entire issued share capital of Advanced Composites Group (“ACG”) for a total cash consideration of £44.25 million. The Acquisition is expected to complete in early May 2004. Clive Snowdon, Chief Executive of UMECO, said: “ACG is a well established, premium margin business with an experienced management team, and will significantly increase UMECO’s presence in the fast-growing market for advanced composites. “The Acquisition represents an important step forward for UMECO. It gives the Enlarged Group an excellent strategic balance between two growth activities: on the one hand, value-added distribution services to the aerospace and defence industries in which we have an established leading position and, on the other, the high margin advanced composites industry in which we have been developing a focused presence since 1999.” ACG reported operating profit of £3.8 million on turnover of £34.7 million For the year ended 31 August 2003.





Share this story


Related / You might like...

Boeing Delivers First 787 Dreamliner for WestJet

Boeing has delivered the first of ten 787 Dreamliners to WestJet, marking the start of the airline's global expansion. Having long operated a fleet of Boeing single-aisle jets, WestJet will use the super-efficient, long-range 787-9 Dreamliner to profitably serve new international routes.

Web Industries’ Middlesex Plant Earns Nadcap Accreditation Covering Aerospace Composite Ply Cutting and Kitting Operations

The Middlesex production facility of Web Industries’ Aerospace market team has earned accreditation from Nadcap (the National Aerospace and Defense Contractors Accreditation Program) covering the facility’s composite cutting and kitting operations.

Rhodes Interform Develops Revolutionary New Process for Aerospace Industry

Group Rhodes, through its Rhodes Interform business, has developed a revolutionary new process that enables large monocoque components, particularly those produced by super plastic forming (SPF) from very thin material, to more accurately retain their shape on cooling.