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For further details see our joint press release.
Advanced Composites Group is to sell the business and assets of its South African based subsidiary, Advanced Composites Group SA (ACGSA) to AAT Composites.
AAT Composites are paying ZAR5.4 million (£0.5 million) for the business and assets, subject to adjustment for working capital balances at completion.
ACG acquired ACGSA in June 2006, its principal business being the supply of parts, manufactured from composite material supplied by ACG, to McLaren Automotive for the McLaren Mercedes SLR super car. Production of this car has now ceased and the strategic rationale for retaining the business has diminished.
Completion is expected to occur on or before 30 June 2010 and is subject to various conditions being satisfied.
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