Acquisition

6 Jun 2006 09:12

Tricorn Group PLC06 June 2006 Tricorn Group plc ("Tricorn" or the "Company") - Acquisition of Tecalemit Aerospace Limited 06 June 2006 Tricorn Group plc has today exchanged contracts with Groupe MRI sas, a whollyowned subsidiary of MRM listed on Euronext, to acquire Tecalemit AerospaceLimited via the purchase of the entire share capital of the holding companyRobert Morton Holdings Limited. Tecalemit Aerospace supply the aerospace industry with a specialised range offlexible hose assemblies, rigid pipes and fittings. The latest audited accounts for Tecalemit Aerospace for the year ended 31December 2005 declare a profit before tax of £3,933. Gross assets of Tecalemit Aerospace at 31 December 2005, excluding inter-companybalances, were £3,533,460. Net assets of Tecalemit Aerospace at 31 December2005, excluding inter-company debt, were £1,655,757. The gross consideration is £1,928,950, with the Groupe MRI sas repaying aninter-company debt of £328,950 resulting in a net cost of £1.6m. Tricorn's CEO Steven Cooper commented " Tecalemit Aerospace is a specialisttubular components manufacturer focussed on the aerospace sector. Its activitiesmirror almost completely our core company Malvern Tubular Components Limited ("MTC") which produces tubular components primarily for the power generationsector. Our intention is to employ the same techniques involved in dramaticallyimproving MTC's performance at Tecalemit. " Contact:Steven Cooper+44 (0) 1684 569956 This information is provided by RNS The company news service from the London Stock Exchange