Sale of Armor Assets

RNS Number : 5203I

Avon Protection PLC

05 December 2022

 

5 December 2022

Avon Protection plc

("Avon Protection" or "the Group")

Sale of Armor Assets

Avon Protection today announces it has reached an agreement to sell the assets of its Lexington, KY facility to CoorsTek, Inc. , a global manufacturer of advanced ceramics materials for a modest cash consideration.

This facility is part of the armor business that was acquired through Avon Protection's acquisition of 3M's ballistic protection business in 2020. It is focused on manufacturing ceramic plates, an essential component of body armor and aircraft armor. As announced earlier this year, the armor business is in the process of being wound down in the current financial year.  

CoorsTek is an established supplier to the aerospace and defense industry, investing over $50 million in this business over the past two years, including a state-of-the-art advanced materials manufacturing campus in Benton, Arkansas. 

Completion of the transaction is expected to take place in H2 FY23, once Avon Protection has fulfilled its final contractual obligations with its customers in line with the agreed wind-down plan.

Bruce Thompson, Executive Chair of Avon Protection, commented:

"We are delighted to announce the sale of the Lexington facility today, which provides a future for the facility and the team based there, whilst allowing us to focus on our core capabilities to deliver mission-critical respiratory and head protection solutions through our leading positions with the world's militaries and first responders."

Jonathan Coors, CoorsTek CEO, commented:

"Avon Protection's armor business is an excellent complement to our robust defense business. We are pleased to add these assets to our industry portfolio as we continue to grow in this region and drive further innovations and advancement in the armor and ceramics industry."

For further enquiries, please contact:

Avon Protection plc  Rich Cashin, Chief Financial Officer Rory Wiltshire, Investor Relations Manager	[phone]
MHP Tim Rowntree Peter Lambie	[phone] [e-mail]
CoorsTek  Nancy Fullerton, Sr. Director, Communications	[phone] [e-mail]

About Avon Protection:

Avon Protection makes products that are trusted to protect the world's militaries and first responders.

Our dedicated teams achieve this by developing mission-critical solutions that enhance our customers' performance, efficiency and capability, whilst providing ever-increasing levels of protection.

With a portfolio that includes respiratory and head protection systems, we are renowned for our innovative thinking and our steadfast approach to manufacturing unrivalled products.

For further information, please visit our website www.avon-protection-plc.com .  

About CoorsTek:

Founded in 1910, CoorsTek is a leading global manufacturer of technical ceramics. By leveraging expertise in engineering and materials science, CoorsTek provides solutions to complex technical challenges in the semiconductor, medical, automotive, aerospace, and other industries. With over 400 proprietary formulations, vertically integrated systems, and unparalleled process capabilities, CoorsTek partners with its customers to make the world measurably better. For more information about our products and services visit  www.coorstek.com .  Follow us on Twitter and LinkedIn

 

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