John Wolz

UMECO plc sold its Compstock Electronics Ltd. industrial products subsidiary to a new company formed by two Compstock directors, Flightspares Electronics Ltd.
Umeco will replace the Compstock name with Pattonair for its aerospace markets.
The components division distributes aerospace fasteners and hardware components. The components division represented 51% of Umeco”s 2005 sales of �242.4 million (US$429.1 million).
Umeco provides components, composite materials and value-added services.The Compstock aerospace and defense activities have been transferred to Pattonair Limited in the European distribution center of Woking.
Umeco also includes ABSCOA in the U.S. Abscoa supplies fasteners and other products for civil and military aerospace.
Clive Snowdon, Umeco”s chief executive, said the reorganization “follows a period of poor trading in the UK electronics market and will enable Umeco Components to focus on this product range.”
Umeco is traded on the London Stock Exchange. Customers include Boeing, Airbus, Rolls Royce, British Airways, Goodrich Aerospace, Bombardier, Lockheed Martin and the U.S. Dept. of Defense. Web: UMECO.co.uk �2006 FastenerNews.com