14 January 2005
14 January 2005
Hampson Industries PLC, the UK-listed aerospace and precision engineering group is set to takeover Texstars Inc, a leading US-based provider of highly engineered polymer-based technologies primarily for the global aerospace and defence markets, from American Capital Strategies, Ltd.
The acquisition will be made for a total cash consideration of USD 41 million (£22.4 million) and brings composite forming into the Hampson orhanisation.
Hampson also announces a placing of 69,290,918 new ordinary shares at a price of 17.6 pence per share with the net proceeds - expected to amount to £11.4 million - will be used to fund approximately half of the consideration payable for Texstars.
The acquisition marks a clear return for growth with attractive positioning on key US aerospace & defence programmes whilst broadening Hampson’s customer and product base, reduces its focus on civil & new build markets.
The placing has strong institutional support and, subject to shareholder approval, will be Hampson’s second successful major equity fundraising in six months as the Group continues to focus on strong growth.
Hampson group Chief Executive, Kim Ward, said that “with the foundations of recent new contract wins now in place, the acquisition of Texstars will add considerable strength to the Hampson group and increase our attractiveness as a strategic supply partner to the major global airframe manufacturers. This comes at a time when the signs are evident that the market for commercial air travel is in recovery and aircraft production rates are set to rise.”
“Texstars is a well-managed and respected business with strong market positioning and proven technologies and capabilities that complement those of our own. We are delighted to have secured this much sought-after prize.”
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