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British Aerospace Parts Firm Umeco Snaps Up Advanced Composites Group.
Knight Ridder/Tribune Business News, March, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Mar. 20--Aerospace parts group Umeco, down 11 1/2 pence at 343 1/2 pence, snapped up Advanced Composites Group in a UKpound 44 million deal that made ACG's founder UKpound 5 million richer.
The deal is partially funded by a one-for-three rights issue at 270 pence a share, to raise UKpound 21 million.
Umeco bought out ACG's venture capital backers, led by MIT, and the management which has about 30 percent of the company. Founder and industrial chemist Roger Slomon makes about UKpound 5 million.
ACG explored a stock market float but Umeco chief executive Clive Snowdon had been stalking it for "three or four years." ACG produces lightweight materials used by the McLaren...
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