The IPM business will become part of Umeco’s Composites Division, which also includes Aerovac Systems, Richmond Aircraft Products, J D Lincoln, GRPMS and Advanced Composites Group.
“The acquisition of IPM is a key element of our strategy to maintain and develop our high global market share in composite curing materials for the wind energy market,” says Clive Snowdon, Chief Executive of Umeco. “Using IPM’s vacuum bagging film, we have captured a significant share of this market. However, wind energy currently accounts for just 6% of Group sales and the scope for growth is very exciting. Not only does IPM secure a strategic important source of material supply, but it also provides us with the technology platform to establish the necessary local presence in other key markets.”
Umeco plans to increase production capacity at the IPM facility in Italy and to expand production into other regions of the world.
The growth of composites business, which is focused on the aerospace, wind energy and automotive markets, is a core element of Umeco's strategy, Snowdon adds.
In the year to 31 December 2007, IPM reported revenues of €24.3 million and EBITDA of €2.4 million