- 21 June 2007 -
Umeco expands composites activities

UMECO PLC, London, UK, is expanding its composites business with the acquisition of US company J.D. Lincoln Inc. This acquisition is Umeco’s largest since that of the Advanced Composites Group in 2004 and represents a major investment in its composites activities, according to Umeco’s CEO Clive Snowdon.

Lincoln, a privately-owned business with two sites in California, formulates and manufactures prepreg materials which are primarily used by aerospace Tier II suppliers for the manufacture of interior structures of commercial aircraft. Umeco’s Composites Division has seven operations located in Europe and the USA and includes Aerovac Systems, Richmond Aircraft Products, and Advanced Composites Group. Its other activities involve distribution, supply chain management, and repair and overhaul services for the aerospace and defence industries.

Umeco will acquire Lincoln for an initial cash consideration of US$59.5 million (£30.2 million) on a cash and debt free basis. Additional cash consideration of up to $15 million is payable based on the EBITDA of Lincoln in the 12 months after completion. Lincoln’s gross assets as of 31 December 2006 were $6.2 million. Umeco had turnover of £333.9 million in the year to 31 March 2007.

The acquisition is subject to regulatory clearance and is expected to complete in August.

Umeco plc; www.umeco.com
J.D. Lincoln; www.jdlincoln.com

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