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Thermwood

Acquisition of Estonian Distribution Business

24 June 2007

Umeco’s Composite Division subsidiary company, GRPMS, has agreed to acquire the Estonian distribution business of Ashland Composite Polymers.

The purchase price is £0.2 million subject to inventory value adjustment on completion. The acquisition is expected to complete on 31st August 2007.

GRPMS has also agreed to a sole distribution agreement with Ashland, a leading worldwide resin and gelcoat supplier, in Estonia. The existing distribution agreement between Ashland and GRPMS with respect to the UK, Ireland and Scandinavia will remain unchanged.

On a pro-forma basis the acquired business had sales for the 12 months ended 31st September 2006 of £1.3m. GRPMS expects to grow the sales of both Ashland and third-party products, based upon its wide ranging supplier relationships developed through its UK and Scandinavian based businesses. The purchase price is £0.2 million subject to inventory value adjustment on completion. The acquisition is expected to complete on 31st August 2007

Tony Bibby, Managing Director of GRPMS, said: “We are delighted to announce this acquisition and the related distribution agreement with Ashland. Estonia is a growth region and we are now well placed to play an integral part in that market growth.”






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