AVG11 Dec 2012 07:45
Avingtrans (AIM:AVG), a manufacturer of critical components and associated
services to the global aerospace, energy and medical sectors is pleased to
announce an update on trading in light of the recent transactions completed by
the Group.
Summary of recent transactions (the "Recent Transactions")
On 5 November 2012, the Company announced the sale of Jena Tec, its Industrial
division, for a cash consideration of £13.45m and we also set out a clearly
defined strategy focussed on the Group's two core divisions: Aerospace and
Energy & Medical.
In line with this strategy, the Company subsequently announced the acquisitions
of certain assets of PFW Farnborough ("PFW") for £1.85m (announced 16 November)
and Aerotech Tubes ("Aerotech") for £2m (announced 26 November), which have
propelled the business into a leading position in Europe in the Aerospace pipes
market.
The sale of Jena Tec, and the subsequent acquisitions described above, provides
us with a more focused business, and a stronger balance sheet, which will
enable us to invest in each of these businesses and pursue opportunities which
we would otherwise have been unable to target. Consistent with this strategy,
we will continue to seek further value enhancing acquisitions to build on the
Group's position in our core Aerospace and Energy & Medical divisions.