Immediate Release 22nd Sept 2006
Avingtrans plc
("Avingtrans" the "Company" or the "Group")
Completion of Acquisition of B&D Patterns Limited ("B&D")
Further to the announcement of 15 September 2006, in which the Company
announced the conditional acquisition of B&D for up to £10.5m, the Board of
Avingtrans plc is pleased to confirm the completion of this acquisition and set
out its plans for the grouping together of its aerospace businesses to form a
formidable aerospace components manufacturing and servicing division within the
Avingtrans group.
B&D, based in the midlands, was founded over 45 years ago and has grown to
become a market leader in rigid and flexible pipe assemblies and components for
prestigious customers such as Rolls Royce, Messier Dowty and Dunlop Aerospace
for use in their jet engines.
Avingtrans recently acquired 75% of Sigma Precision Components which provides a
range of services to aerospace and high technology markets and is in advanced
stages of constructing an aerospace component manufacturing facility in
Chengdu, China.
These two business, together with the C&H Precision Finishers subsidiary, which
provides high specification finishing and polishing of aeroengine blades to
clients including Rolls Royce, form a significant aerospace division at
Avingtrans. The Directors envisage considerable synergies, cross-selling
opportunities and economies of scale arising from the linking together of these
three businesses and are pleased to appoint Mark Johnson, currently MD of Sigma
Precision Components, as Managing Director of Avingtrans' Aerospace Division.
Ken Baker, Chairman of Avingtrans, commented,
"The move to expand and group together our aerospace subsidiaries to strengthen
our position in global aerospace leaves Avingtrans poised to take advantage of
a market that is not only seeing very high growth at this time, but has
excellent long-term potential for the Group. The synergies of the three
individual businesses will offer tremendous opportunities to leverage off each
other and enjoy the benefits of growth as part of a group of very exciting
companies."
For further information please contact:
Ken Baker, Chairman
Steve Lawrence, Managing Director
Avingtrans plc
Tel. 01159 499 020
Ben Simons/Adam Reynolds
Hansard Communications
Tel. 020 7245 1100
Nick Lovering
Bridgewell
Tel. 020 7003 3000
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