Umeco in German expansion
Leamington Spa-headquartered Umeco has said its German subsidiary Umeco Composites has bought a company for €2.2m (£1.9m).
Umeco Composites has snapped up advanced composite materials business Fenotec, which has its assets in Beelitz near Berlin. The company's freehold buildings and production equipment will be used to manufacture Umeco's range of "prepreg advanced composite materials", th company said. It is also to employ 11 of the former employees of Fenotec.
It comes after Fenotec was placed into administration in December 2010 shortly after investing €5m in new buildings and machinery in an attempt to enter the prepreg market.
Andrew Moss, chief executive, said: "The acquisition of the Fenotec assets provides an excellent opportunity for Umeco to get closer to our customers in continental Europe and to expand our manufacturing capacity at a time when the composites industry is enjoying significant growth.
"The equipment we are purchasing is virtually brand new, of a very high quality and alleviates the immediate term need to expand capacity at our existing facility in Manchester."
