27 November 2007
27 November 2007
Umeco has further expanded its Composites division with the acquisition of George Cole Technologies Limited which trades as Primco for of £3.0 million.
Primco, a privately owned business based in Manchester, is a composite materials business that develops and manufactures a range of phenolic resin based pre-impregnated materials ('pre-pregs') used in aerospace, defence, industrial, medical and sporting applications. Primco holds a number of product qualifications including those related to Airbus interior materials.
The company, which has been established for over 40 years, is being acquired through Advanced Composites Group (“ACG”), a member of Umeco Composites. Primco’s materials, manufacturing technologies and applications are highly complementary to those of ACG, and will further enlarge the Group’s existing range of composite materials technologies and aerospace qualifications.
In the year ended 31st October 2007 Primco had sales of £5.4 million.
Umeco announced in September the completion of its acquisition of JD Lincoln (JDL), a composites business based in California. Similarly to Primco, JDL formulates and manufactures a range of phenolic resin based pre-pregs for aerospace, marine, medical, sporting, automotive and other extreme environment applications. Lincoln also has a wide range of qualifications, including those recently added for the Boeing 787 and the Airbus 380.
Clive Snowdon, Chief Executive of Umeco plc, commented: “The Primco acquisition further illustrates the progress Umeco has achieved in delivering complementary growth to the Group both in the UK and overseas. It will enable us to offer our existing customers a wider range of material technologies, whilst allowing ACG to further consolidate its market leading position, in a continuously evolving composite arena.
“Primco offers good long term value-creating growth and we look forward to realising operating synergies as we integrate it into our existing business.”
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