Umeco Acquires Fenotec
In its first acquisition since divesting its supply chain business to focus on its higher growth advanced composites business, Advanced Composites Group Ltd (ACG)’s parent company Umeco plc has purchased certain of the assets of Fenotec Ges.i.L from the administrator for the cash sum of EUR 2.2 million. ACG will be trading through these new facilities as ACG (Umeco Composites GmbH).
The assets purchased, which are located in Beelitz near Berlin, comprise freehold buildings and high quality production equipment which will be used to manufacture Umeco’s range of prepreg advanced composite materials. Umeco will employ eleven of the former employees of Fenotec.
Fenotec was placed into administration in December 2010 shortly after investing EUR 5 million in new buildings and machinery in a failed attempt to enter the prepreg market. Its failure was caused by a shortfall in sales revenues due to the lack of an industry recognised range of products. Umeco expects to quickly add much needed additional volume by manufacturing in Beelitz its own established range of prepreg materials. It will also distribute from this facility its wide range of structural and process materials for the advanced composites industry.
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