LNB completes acquisition of aerospace business
LNB has completed its acquisition of aerospace subsidiary BHW.
Business negotiations have resulted in the completion of the acquisition of BHW by LNB UK.
Former owner Hampson Industries recently announced that fixed charge receivers had been appointed, who have facilitated the sale of its subsidiary Hampson Aerospace Services' entire issued share capital to the latter company.
A price of £2,365,000 was set on the assets by Hampson, of which £2,215,000 has been paid. In addition, a further £150,000 is scheduled to be paid within 30 days of the transaction being completed.
Hampson revealed the depth of BHW's involvement in aerospace engineering, stating that the company "provides integrated airframe solutions for aircraft component manufacture and assembly to OEM (original equipment manufacturers) and tier-one suppliers to the aerospace industry".
In July this year, the company announced that its board had initiated a formal sale process, with discussions being held with a number of interested parties.
Hampson warned that due to the status of financing and the limited strategic options available it would be unable to publish its report and accounts for the year up to March 31st 2012.
By Ron Maverick