Umeco subsidiary divests assets to AAT Composites

Umeco, a composite-materials and supply-chain services company, has announced the completion by its subsidiary, Advanced Composites, of the divestment of the business and assets of its South African-based subsidiary, Advanced Composites SA, to AAT Composites, a composites design and manufacturing company.

The divestment was announced on 7 June 2010 and the consideration payable for the business and assets is ZAR5.4m (£0.5m), subject to adjustment for working capital balances at completion.