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13 Jun 2008 07:00
13 June 2008
Hampson wins further US$ 17 million contract to supply Boeing 747-8 programme
Hampson Industries PLC (“Hampson” or “the Group”), the international aerospace and precision engineering group, announces that its recently-acquired US subsidiary, Odyssey International Inc (“Odyssey”), has been awarded a contract worth US$17 million (£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.
Since Hampson reached agreement to acquire Odyssey and its sister company, Global Tooling Systems Inc. (“GTS”) 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. 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.
Commenting on the new contract, which will commence in the current financial year, Hampson's Chief Executive Kim Ward said:
"This represents Hampson's third material contract win since the announcement of full year results in early June. This latest award confirms the strategic vision driving our acquisition of Odyssey.
"Secondly, it attests to our ability to offer even greater advantage to our customers by leveraging the combined engineering resources, capacity and manufacturing capabilities of the largest independent aerospace tooling house in the world. This includes the ability to supply not only composite tooling moulds and mandrels but also, through GTS, the full suite of detailed assembly tools, thus addressing a much broader market.
"Finally it 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 the UK, North America and India.
In excess of 90% of the Group's sales are derived from its aerospace activities, the balance from the market for automotive turbocharger components. The Group employs over 2,400 people worldwide.
Hampson Industries PLC is listed on the main market of the London Stock Exchange (Symbol: HAMP). For more information on Hampson: www.hampsongroup.com
About the Boeing 747- 8:
The Boeing 747-8 is the latest variant of the Boeing 747, officially announced in 2005. The 747-8 is an evolutionary development of the Boeing 747-400 with lengthened fuselage, redesigned wings and improved efficiency, being designed to compete against the Airbus A380. In line with the progressively increasing trend in latest generation aircraft design, the 747-8 makes greater use of advanced carbon composite materials 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.
About Odyssey & GTS:
Odyssey and GTS, both based in Michigan, 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's existing composite tooling operations, the acquisitions of Odyssey and GTS have made Hampson the largest independent manufacturer of tooling systems for composite aero-structures in the world (by revenue and customer penetration).
The acquisitions of Odyssey and GTS substantially increase Hampson's direct and indirect exposure to the use of advanced composite materials in aerospace to a level of approximately 60% of Group revenues.
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