Umeco plc ("Umeco"), Europe's leading provider of value-added distribution services to the aerospace and defence industries, announced on 25th September 2000 that it had entered into a conditional agreement to create a joint venture company, Titanox Aerospace, to be owned 40% by Pattonair International Limited, Umeco's distributor of small components to aerospace OEMs, and 60% by The Titanox Group, a privately-owned French-based distributor of components to the aerospace and other industries.
The agreement was conditional upon the demerger of Titanox Aerospace from The Titanox Group. This demerger has now taken place, as a result of which the transaction to create the joint venture company was completed yesterday. The consideration for Umeco's 40% shareholding was 1.2 million and in addition Umeco will make available to Titanox Aerospace a loan facility of up to 0.4 million. |