19 June 2007
19 June 2007
Umeco has once more expanded its composite materials business with the acquisition of J D Lincoln $59.5 million (£30.2 million).
Additional cash consideration of up to $15.0 million is payable based on the EBITDA of Lincoln in the twelve months after completion.
Lincoln, a privately owned business based at two sites in California, formulates and manufactures a range of pre-preg materials primarily used by aerospace tier 2 suppliers for the manufacture of composite interior structures of commercial aircraft. Umeco therefore sees it as complementary to their existing aerospace composites activities which are focused on the airframe.
Clive Snowdon, Chief Executive of Umeco plc, said: ""This acquisition is our largest since that of the Advanced Composites Group in 2004, and represents a major investment in our composites activities.
""Lincoln is growing strongly, through its expanding range of new applications and qualifications and with the continuing growth of the civil aerospace industry. The composites world is entering a new era, with more aircraft manufacturers using the light weight, durable properties of composites for a wider range of applications. With the addition of Lincoln, Umeco Composites is even better placed to capitalise on these opportunities in the future.""
Scott Lincoln, currently Vice President Operations of Lincoln, will become President of Lincoln on completion of the acquisition and is expected to stay with the business for a minimum of four years, reporting to Andrew Moss, Chief Executive of Umeco Composites. The other two shareholders, JD Lincoln and Mike Burkitt, are expected to remain with the business in senior management roles for at least the first year following completion of the acquisition.
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