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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Umeco | LSE:UMC | London | Ordinary Share | GB0009116079 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 550.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8030P UMECO PLC 11 March 2008 11 March 2008 Umeco plc 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 energy." - 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 major customers. 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 END DISEAKDFFASPEEE
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