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.""
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