Avingtrans Regulatory News (AVG)

20 Jun 2006 07:00

Embargoed: 0700hrs 20 June 2006 Avingtrans plc ("Avingtrans" or the "Company") Acquisition of majority stake in Sigma Precision Components Ltd Avingtrans, a leading designer, manufacturer and supplier of criticalcomponents and services to worldwide industries, is delighted to announce theacquisition of a 75% interest in Sigma Precision Components Ltd ("Sigma")through the purchase of 300,000 new Sigma shares at a price of ‚£1 per share.Sigma provides a range of services to aerospace and high technology marketsand, with the injection of new funds into the business, is poised to acceleratethe scale of its operations in China. Avingtrans will lend its expertise in theprecision engineering sector as well as supporting Sigma through ongoinginvestment in capital equipment.Sigma was founded in 2004 by two widely experienced aerospace professionals whosaw an opportunity to create a business from the globalization into emergingmarkets of the $7 billion aerospace precision components market. Throughouttheir first year of operation Sigma provided consultancy services from itsoffices in the UK and China and now, with the benefit of customer commitmentand investment support from Avingtrans, will establish a 40,000 sq. ft.precision component manufacturing facility in Chengdu, China.Sigma's launch customer for the manufacturing facility, which is expected to beoperational before the end of this year, is UMECO plc who have already publiclystated their confidence in Sigma's ability to meet their high requirements interms of quality and delivery.Ken Baker, Chairman of Avingtrans, commented,"We are delighted to have acquired a majority interest at a time when Sigma isbeing transformed from a consultancy based group, employing four people, to alarger scale, Far East, manufacturing business that should become an importantfinancial contributor to the Avingtrans group."For further information, please contact,Ken Baker, ChairmanSteve Lawrence, Managing DirectorAvingtrans plcTel. 01159 499 020Ben Simons/Adam ReynoldsHansard CommunicationsTel. 020 7245 1100Notes to EditorsAvingtrans plc is a UK-listed company providing design, manufacture and supplyof critical components and associated services, to manufacturing marketsthroughout the UK, Germany and North America. Listed on AIM, Avingtrans had aturnover of ‚£24m to 31st May 2005. See www.avingtrans.plc.ukUMECO plc is a leading international provider of value-added distributionservices and composite materials primarily to the aerospace & defence,automotive, motorsport, and wind turbine industries. Listed on the London StockExchange, UMECO had turnover of ‚£242.4 million in the year to 31 March 2005.See www.umeco.comSigma Precision Components Ltd. is a provider of a range of services toaerospace and high technology markets. Having offices in the UK and China itdelivers a range of services including low-cost sourcing guidance, developmentinto emerging markets and component sourcing. During 2006 Sigma will establisha precision component manufacturing capability at it's 40,000 sq. ft. facilityin Chengdu, China. See www.sigmacomponents.comENDAVINGTRANS PLC