Umeco plc, Europe's leading provider of value-added distribution services to the aerospace and defence industries, announces that it has acquired the outstanding 60% of Titanox Aerospace from The Titanox Group, a privately-owned French-based distributor of components to the aerospace and other industries.

Titanox Aerospace was formed in January 2001 as a joint venture company owned 40% by Pattonair Limited, Umeco's distributor of components to aerospace OEMs, and 60% by The Titanox Group. Umeco plc has acquired the outstanding shares from The Titanox Group for a consideration of 1.5 million.

Titanox Aerospace was created to focus on the provision of value-added distribution services to French based aerospace OEM customers, a highly important segment of the European aerospace industry. Its customers include Snecma, Dassault, Eurocopter and Messier-Dowty.

Clive Snowdon, Chief Executive of Umeco plc, said:

"The creation of the Titanox Aerospace joint venture was an important step in our strategy of developing an international presence through which to provide a service to match the global reach of our aerospace customers.

"Since then, the European aerospace sector has continued to strengthen its global position and, by now acquiring the outstanding holding, we will gain the management control necessary to enable the business to bid for and secure the larger contracts available within the European market".