UMECO in talks to self off subsidiary

MIDLANDS aerospace group Umeco has said it is talks over the possible sale of its Pattonair supply chain business, which has operations in Wolverhampton and the East Midlands. In a statement, Umeco said: “The board can confirm that it is in non-exclusive discussions which may or may not lead to a sale of Pattonair.  No final terms are agreed and any such disposal would be subject, inter alia, to shareholder approval under the Listing Rules” Pattonair supplies leading aerospace companies including Agusta, Airbus, ATK, BAE Systems, Boeing, Eaton, Finmeccanica, Goodrich, Meggitt, Parker Aerospace, Rolls-Royce, Thales and Turbomeca.
 
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Delcam ends MoU talks with German firm

BIRMINGHAM- based software supplier Delcam has ended talks on a Memorandum of Understanding with German firm Marcam Engineering. Delcam said in November it had entered into a non-legally binding MoU with Marcam, which develops software for additive manufacturing. On completion of the deal Delcam would have acquired a minority stake in Marcam. Delcam had said it saw “mutual benefits and synergies” from collaborating with the firm. However, in a statement to the London Stock Exchange, Delcam said negotiations had been terminated but did not elaborate.

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QinetiQ agrees new credit facility

DEFENCE group QinetiQ, which is currently restructuring its Malvern operation following job losses, has said it has successfully completed the re-financing of its existing credit facility. The agreement had been due to mature in August next year. The latest deal has a new five-year revolving credit facility provided by the group’s six global, relationship banks.  The new multi-currency facility, which matures in February 2016, totals £275m and will be un-drawn.  Leo Quinn, QinetiQ chief executive, said:  “The early re-financing of QinetiQ’s credit facility demonstrates the improved strength of the group’s balance sheet and marks another important milestone in our self-help programme.”

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