ACQUISITION OF AERODYNE ADVANCED COMPOSITES SUPPLIER OF ADVANCED COMPOSITES COMPONENTS FOR McLAREN AUTOMOTIVE
UMECO plc ("UMECO"), an international provider of supply chain and repair and overhaul services and advanced composite materials primarily to the aerospace & defence and automotive industries, announces the acquisition of the entire issued share capital of Aerodyne Advanced Composites (Proprietary) Limited ("AAC") from Aerodyne Industries (Proprietary) Limited.
The acquisition is being made through Advanced Composites Group Limited ("ACG"), a subsidiary of UMECO's Composites Division, and AAC will trade as Advanced Composites Group SA (Pty) Limited with immediate effect.
AAC, based in Cape Town, South Africa, employs around 130 staff and manufactures advanced composites component parts principally for McLaren Automotive.
AAC has a contract with McLaren Automotive in relation to the sole supply of specified component parts to the Mercedes-Benz SLR McLaren super sports car. The contract is for the lifetime of the SLR programme and will form part of a strategic relationship between McLaren Automotive and ACG from which further business is expected to materialise.
The AAC business is highly complementary to ACG's materials business which currently supplies McLaren Automotive and other high performance automotive and motorsport customers including Koenigsegg, Porsche and Formula 1 racing teams including Team McLaren Mercedes.
UMECO's total initial investment in this project is estimated at £1.5 million and conclusion of the acquisition is subject to the satisfactory completion of all related legal proceedings.
Clive Snowdon, Chief Executive of UMECO plc, commented: "The acquisition of AAC cements our relationship with McLaren Automotive and further underlines our position as a leading supplier of advanced composites solutions to the new genre of super-cars. AAC will sit alongside ACG's existing composites engineering business to provide a low cost base to help demonstrate the use of composites and their applicability within the mainstream automotive industry. Vehicle technology is demanding lighter weight more cost-efficient designs and we are now well positioned to support this growth area"
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For further information, please contact:
UMECO plc
Clive Snowdon, Chief Executive 01926 331800
Hogarth Partnership Ltd
John Olsen / Barnaby Fry 020 7357 9477
(Notes to editors attached).
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UMECO plc
UMECO is a leading innovator in distribution, supply chain management and repair and overhaul services to 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 £242.4 million in the year to 31 March 2005.
UMECO is managed through three divisions:-
UMECO Components - 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, Snecma Groupe, Parker Aerospace, Goodrich , Bombardier, Lockheed Martin and the US Department of Defense.
UMECO Composites - a provider of a complete range of advanced composite materials and specialist chemical products 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, BAE SYSTEMS, Goodrich Aerostructures, British Airways, Lufthansa Technik, a number of manufacturers of high performance super cars and Formula 1 teams including Team McLaren Mercedes.
UMECO Repair and Overhaul - a provider of a comprehensive accessory repair and installation service to operators of fixed and rotary wing aircraft ranging in size from executive jets through to a Boeing 747.
Customers include British Airways, KLM, Swiss, Alitalia Express, Bristow Helicopters, BAE SYSTEMS, Saab Aircraft and Pratt & Whitney.
McLaren Automotive
McLaren Automotive was established in 1989 and is renowned for its expertise in engineering and manufacturing the most definitive super sports cars in the world. From the beginning McLaren Automotive established its own unique approach to super sports car design, combining the most advanced engineering and technology from the world of Formula One together with an unparalleled attention to detail, in the pursuit of the purest driving experience. Embodying this philosophy, the McLaren F1 established its own unique place in super car history as the world's fastest production road car achieving a speed of 240.14 mph / 386 kph - a title it held for seven years. Described by many as the finest drivers' car ever built, the McLaren F1 excelled both on the road and the race track. The McLaren F1 claimed victory on its debut at Le Mans 24 Heures in 1995, taking four of the top five places, and its racing success continued with GT Championship titles in 1995 and 1996. The legacy of the McLaren F1 demonstrates how McLaren Automotive aims to set the standards that others follow. Today this vision continues with the Mercedes-Benz SLR McLaren offering Formula One technology and breathtaking performance with everyday levels of usability and comfort. The Mercedes-Benz SLR McLaren is manufactured at the McLaren Technology Centre where every car is assembled by a team dedicated to producing the very best super sports cars in the world.
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