Hampson gets US pair for up to $314m

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Date: Friday 02 May 2008

LONDON (ShareCast) - Aircraft and car parts maker Hampson Industries has conditionally agreed to buy two US firms for up to $314m (£158.2m) and raise around £65m from a placing and open offer to part fund the acquisitions.

The UK firm will initially pay $253.3m (£127.6m) for Odyssey Industries and Global Tooling Systems, made up of $213.3m (£107.5m) in cash and the rest in shares. The balance depends on the pair’s performance in 2008.

Odyssey and GTS are both based in Michigan, USA, and supply large, close-tolerance tooling systems and services for the commercial and military aerospace industries.

Their products are used on the Boeing 787 and F-35 Joint Strike Fighter.

Hampson also announced today it will sell shares at 135p each via a placing and open offer, fully underwritten by Investec Bank (UK) and Arbuthnot Securities.

Odyssey and GTS are under substantially common ownership, and are both headed by, President Randal D. Bellestri, said the group.

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