Completion of Acquisition

22 Sep 2006 09:14

Immediate Release 22nd Sept 2006 Avingtrans plc ("Avingtrans" the "Company" or the "Group") Completion of Acquisition of B&D Patterns Limited ("B&D") Further to the announcement of 15 September 2006, in which the Companyannounced the conditional acquisition of B&D for up to ‚£10.5m, the Board ofAvingtrans plc is pleased to confirm the completion of this acquisition and setout its plans for the grouping together of its aerospace businesses to form aformidable aerospace components manufacturing and servicing division within theAvingtrans group.B&D, based in the midlands, was founded over 45 years ago and has grown tobecome a market leader in rigid and flexible pipe assemblies and components forprestigious customers such as Rolls Royce, Messier Dowty and Dunlop Aerospacefor use in their jet engines.Avingtrans recently acquired 75% of Sigma Precision Components which provides arange of services to aerospace and high technology markets and is in advancedstages of constructing an aerospace component manufacturing facility inChengdu, China.These two business, together with the C&H Precision Finishers subsidiary, whichprovides high specification finishing and polishing of aeroengine blades toclients including Rolls Royce, form a significant aerospace division atAvingtrans. The Directors envisage considerable synergies, cross-sellingopportunities and economies of scale arising from the linking together of thesethree businesses and are pleased to appoint Mark Johnson, currently MD of SigmaPrecision Components, as Managing Director of Avingtrans' Aerospace Division.Ken Baker, Chairman of Avingtrans, commented,"The move to expand and group together our aerospace subsidiaries to strengthenour position in global aerospace leaves Avingtrans poised to take advantage ofa market that is not only seeing very high growth at this time, but hasexcellent long-term potential for the Group. The synergies of the threeindividual businesses will offer tremendous opportunities to leverage off eachother and enjoy the benefits of growth as part of a group of very excitingcompanies."For further information please contact:Ken Baker, ChairmanSteve Lawrence, Managing DirectorAvingtrans plcTel. 01159 499 020Ben Simons/Adam ReynoldsHansard CommunicationsTel. 020 7245 1100Nick LoveringBridgewellTel. 020 7003 3000ENDAVINGTRANS PLC