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Umeco has acquired Industria Plastica Monregalese (IPM) from its private shareholders for €16.8 million.
IPM is a manufacturer and supplier of vacuum bagging films for the composites industry and other markets. The consideration will be funded from existing facilities. IPM had net debt of €13.0 million as at 30 November 2008, which it is currently anticipated will remain in place.
Consideration of €12.8 million will be payable on completion, with €4.0 million being held in escrow pending any warranty claims.
In the year to 31 December 2007, Italian-based IPM reported revenues of €24.3 million, EBITDA of €2.4 million, and PBT of €0.5 million. At 31 December 2007 it had gross assets of €17.6 million.
Clive Snowdon, Chief Executive of Umeco, said: “The acquisition of IPM is a key element of our strategy to maintain and develop our high global market share in composite curing materials for the wind energy market. Using IPM’s vacuum bagging film, we have captured a significant share of this market. However, wind energy currently accounts for just 6% of Group sales and the scope for growth is very exciting. Not only does IPM secure a strategic important source of material supply, but it also provides us with the technology platform to establish the necessary local presence in other key markets. The further growth of our Composites activities, which is focused on the aerospace, wind energy and automotive markets, is a core element of our Group strategy. Following our investment of some £33m in the acquisitions of JD Lincoln and Primco over the past two years, today’s development represents a further important step forward.”
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