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.

Advertisement

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.

Announcement from our Chairman, David C BarclayThe World Renewable Energy Association are delighted to announce the launch of a brand-new initiative exclusively for its members. The Renewable Energy Finance Hub has been launched following the largest survey undertaken with UK businesses conducted by WoREA in conjunction with the UK Government and its partners. Reduce your businesses carbon footprint today and begin your journey towards net zero!