Aerospace parts supplier Umeco Plc said on Thursday it bought Italy-based Industria Plastica Monregalese (IPM) for 16.8 million euros ($21.3 million) as part of its plans to develop a wider global presence in the wind energy market.
The company will pay IPM’s private shareholders 12.8 million euros on completion of the deal, with the remaining 4 million euros held in escrow pending warranty claims.
IPM is a key supplier of vacuum bagging films, a material that Umeco uses in manufacturing large-scale wind turbine blades.
Umeco said the acquisition provides its composites division with a secure supply of a key process material and the opportunity to develop a wider global presence in the wind energy market.
Wind energy currently accounts for just 6 percent of its sales, it said.
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