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13 Jun 2008 07:00
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13 June 2008
Hampson winsΒ furtherΒ US$ 17 millionΒ contractΒ to supply Boeing 747-8Β programme
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Hampson Industries PLC (βHampsonβ or βthe Groupβ), the international aerospace and precision engineering group, announces that its recently-acquired US subsidiary, Odyssey International Inc (βOdysseyβ), has been awarded a contract worth US$17 million (Β£9 million) to supply up to 4,000 tools for structural assembly and sub-assembly work on the Boeing 747-8 programme. The contract will be delivered entirely within the current financial year.
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Since Hampson reached agreement to acquire Odyssey and its sister company, Global Tooling Systems Inc. (βGTSβ) on 2 May 2008 the combined orderbooks of both businesses have risen from US$75 million to a new record level of US$107 million.Β Following the acquisition vendor Mr Randal Bellestri remains President of Odyssey and GTS and has a 9.4% holding in Hampson with a lock-in period of three years.Β
Commenting on the new contract,Β which will commence in the current financial year,Β Hampson'sΒ Chief ExecutiveΒ Kim WardΒ said:
"This represents Hampson's third material contract win since the announcement of full year results in early June. This latestΒ awardΒ confirmsΒ theΒ strategicΒ visionΒ drivingΒ ourΒ acquisition of Odyssey.
"Secondly,Β it attestsΒ toΒ our abilityΒ to offerΒ even greaterΒ advantage to our customers by leveraging the combined engineering resources, capacity and manufacturing capabilitiesΒ of the largest independent aerospace tooling house in the world. This includesΒ theΒ ability to supply not only composite tooling moulds and mandrels but also, through GTS, the full suite ofΒ detailedΒ assembly tools,Β thus addressingΒ a much broader market.Β
"Finally itΒ demonstrates our confidence in the businesses we have acquired and their future performance potential in a market sector that is projected to grow strongly over the next five years."
Ends
For further information:
Kim Ward, Chief Executive +44 (0)1384 472941
Howard Kimberley, Finance Director +44 (0)1384 472946
Jonathan Gollins/Marylene Guernier, M:Communications +44 (0)7776 303 788
About Hampson:
The Group's operations are structured into three business segments, serving primarily the global commercial and military aerospace and specialist engineering markets from manufacturing facilities in theΒ UK, North America andΒ India.
In excess of 90%Β of the Group's sales are derived from its aerospace activities, the balance from the market for automotive turbocharger components. The GroupΒ employs over 2,400 people worldwide.
Hampson IndustriesΒ PLCΒ is listed on the main market of the London Stock Exchange (Symbol:Β HAMP).Β Β For more information on Hampson:Β www.hampsongroup.com
About the Boeing 747-Β 8:
The Boeing 747-8 is the latest variant of theΒ Boeing 747, officially announced in 2005. The 747-8 is an evolutionary development of theΒ Boeing 747-400Β with lengthened fuselage, redesigned wings and improved efficiency, beingΒ designed to compete against theΒ Airbus A380. In lineΒ withΒ the progressively increasing trend in latest generation aircraft design, the 747-8 makes greater use of advanced carbon composite materialsΒ which provide improved strength and weight saving. The freighter version of the 747-8 is planned to enter service in 2009, while the passenger version is planned to be introduced in 2010. As of April 2008, a total of 106 orders have been received for the aircraft.
AboutΒ Odyssey & GTS:
Odyssey and GTS, both based inΒ Michigan,Β USA, are leading suppliers of large, close-tolerance tooling systems and services for the commercial and military aerospace industries. Odyssey specialises in particular in the design and manufacture of invar bond tools, which are used in the manufacture of large aero structural components made from carbon composite materials. GTS's principal area of focus is complex, integrated tooling solutions for carbon composite component manufacture and high-level airframe assemblies. Odyssey and GTS are suppliers to a number of the latest generation of commercial and military aircraft platforms, including the Boeing 787 and F-35 Joint Strike Fighter.
When positioned alongside the Group'sΒ existingΒ composite tooling operations,Β the acquisitions of Odyssey and GTSΒ have made Hampson the largest independent manufacturer of tooling systems for composite aero-structures in the world (by revenue and customer penetration).
TheΒ acquisitionsΒ of Odyssey and GTSΒ substantially increase Hampson's direct and indirect exposure to the use of advanced composite materials in aerospace to a levelΒ of approximately 60%Β ofΒ Group revenues.
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