10 September 2007
10 September 2007
Umeco, the provider of supply chain and repair and overhaul services and advanced composite materials primarily to the aerospace & defence industries, has completed its acquisition of J D Lincoln Inc, based in California.
The acquisition was announced on 14 June 2007 for an initial cash consideration of $59.5 million (£29.5 million) on a cash and debt free basis. Additional cash consideration of up to $15.0 million is payable based on the EBITDA of Lincoln in the twelve months after completion. The acquisition has been funded through Umeco's recently increased debt facilities.
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. It is therefore complementary to Umeco's existing aerospace composites activities which are focused on the airframe. Lincoln 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, said ""The completion of Lincoln represents a significant investment in our composites activities. With its expanding range of new applications and qualifications the Lincoln acquisition enhances our strong position in the civil aerospace market.""
Alvant has been appointed to work on a two-year, £28 million project titled Large Landing Gear of the Future, which aims to deliver a 30% weight reduction and assist the aerospace industry’s drive to reduce fuel consumption and carbon emissions.
Hexadrone’s 3D printed Tundra prototype, manufactured by CRP Technology via laser sintering (LS) technology using Windform SP and Windform XT 2.0 carbon composite materials, has won the Red Dot Award 2018 in the drone category.
UK company Norco Composites has invested in a larger spray booth and a new cutting and kitting machine to enable the company to increase productivity in line with growing demand from its marine customers.