ACG divests South African subsidiary

Umeco, an advanced composite materials and supply-chain services company has announced that its subsidiary, Advanced Composites Group (ACG), has agreed terms for the divestment of the business and assets of its South African-based subsidiary, Advanced Composites Group SA (ACGSA), to AAT Composites.

The consideration payable for the business and assets is ZAR5.4m (£0.5m), subject to adjustment for working capital balances at completion.

ACG acquired ACGSA in June 2006, its principal business being the supply of parts, manufactured from composite material supplied by ACG, to McLaren Automotive for the McLaren Mercedes SLR super car.

Production of this car has now ceased and the strategic rationale for retaining the business has diminished.