19 March 2004
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.
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