11 March 2008
11 March 2008
Divestment of Chemicals Distribution businesses
Umeco plc, an international provider of supply chain services and advanced
composite materials to the aerospace & defence and automotive industries,
announces the divestment of its principal chemicals distribution businesses to
Haas TCM Group Inc. ("Haas") for a cash consideration of £13.0 million. The
divestment will be effected by way of the sale of the entire issued share
capital of Aeropia Limited, Aeropia, Inc., and RD Taylor & Company Limited to
Haas TCM of the UK Limited, a wholly owned subsidiary of Haas .
In the year to 31 March 2007, the businesses being sold (Aeropia and RD Taylor)
generated revenue of £27.7 million, and operating profit of £1.1 million. As at
31 March 2007, their combined gross assets were £11.8 million, and net assets
were £4.6 million. The businesses formed part of Umeco Composites.
The divestment will allow Umeco Composites to focus on its core advanced
composites activities. The proceeds of the divestment will be used by Umeco
initially to reduce Group borrowings.
Completion of the divestment is subject to clearance being received from the
German anti-trust authorities. Completion will take place promptly after that
process is concluded.
Clive Snowdon, Chief Executive of Umeco plc, said:
"These businesses were non-core to our strategy for Umeco Composites. Their
divestment will free up resources which can instead be focused on pursuing the
many high growth opportunities open to us in the provision of advanced composite
materials to our core markets of aerospace, motor sport, automotive and wind
- Ends -
For further information, please contact:-
Umeco plc (www.umeco.com) Tel: +44 (0) 1926 331 800
Clive Snowdon, Chief Executive
Douglas Robertson, Group Finance Director
Hogarth Partnership Tel: +44 (0) 20 7357 9477
John Olsen / Barnaby Fry
Further Information on Umeco plc
Umeco is a leading innovator in distribution, supply chain management for the
aerospace and defence industries, harnessing new methods for enhancing its
customers' performance and profitability.
Umeco also has significant manufacturing interests in advanced composite
materials for a growing range of applications in its core aerospace and defence
markets and in other high performance technology industries such as motor sport,
automotive and wind energy.
Listed on the London Stock Exchange, Umeco had turnover of £333.9 million in the
year to 31 March 2007.
Umeco is managed through two divisions:-
Umeco Supply Chain - a leading international provider of value-added
distribution and supply chain outsourcing services to customers in the aerospace
& defence market. With its specialisation in the supply of small components and
sophisticated IT systems, its growing global customer base can enjoy significant
operational, cost and working capital benefits.
Customers include Rolls-Royce plc, BAE SYSTEMS, Safran Group, Parker Aerospace,
Goodrich, Bombardier, Lockheed Martin and the US Department of Defense.
Umeco Composites - a provider of a complete range of advanced composite
materials principally to the aerospace, motorsport, automotive and wind energy
markets. A growing range of value-added outsourcing services is provided to
Customers include Boeing, Airbus, a number of manufacturers of high performance
super cars and Formula 1 teams including Team McLaren Mercedes.
This information is provided by RNS
The company news service from the London Stock Exchange