09 June 2006
09 June 2006
UMECO has acquired Aerodyne Advanced Composites from Aerodyne Industries, through Advanced Composites Group (ACG), a subsidiary of UMECO.
AAC, based in Cape Town, South Africa, employs around 130 staff and manufactures advanced composites component parts principally for McLaren Automotive for the Mercedes-Benz SLR McLaren super sports car. The contract is for the lifetime of the SLR programme and will form part of a strategic relationship between McLaren Automotive and ACG from which further business is expected to materialise.
The AAC business is complementary to ACG's materials business which currently supplies McLaren Automotive and other high performance automotive and motorsport customers including Koenigsegg, Porsche and Formula 1 racing teams including Team McLaren Mercedes.
Clive Snowdon, Chief Executive of UMECO plc, commented: ""The acquisition of AAC cements our relationship with McLaren Automotive and further underlines our position as a leading supplier of advanced composites solutions to the new genre of super-cars. AAC will sit alongside ACG's existing composites engineering business to provide a low cost base to help demonstrate the use of composites and their applicability within the mainstream automotive industry. Vehicle technology is demanding lighter weight more cost-efficient designs and we are now well positioned to support this growth area""
UMECO's total initial investment in this project is estimated at £1.5 million and conclusion of the acquisition is subject to the satisfactory completion of all related legal proceedings. AAC will trade as Advanced Composites Group SA (Pty) Limited with immediate effect.
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