REG - Avon Protection PLC - Sale of Armor Assets

Avon ProtectionAnnouncement

05/12/2022 07:00

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RNS Number : 5203I  Avon Protection PLC  05 December 2022

5 December 2022

Avon Protection plc

("Avon Protection" or "the Group")

Sale of Armor Assets

 

Avon Protection today announces it has reached an agreement to sell the assets
of its Lexington, KY facility to CoorsTek, Inc., a global manufacturer of
advanced ceramics materials for a modest cash consideration.

 

This facility is part of the armor business that was acquired through Avon
Protection's acquisition of 3M's ballistic protection business in 2020. It is
focused on manufacturing ceramic plates, an essential component of body armor
and aircraft armor. As announced earlier this year, the armor business is in
the process of being wound down in the current financial year.

 

CoorsTek is an established supplier to the aerospace and defense industry,
investing over $50 million in this business over the past two years, including
a state-of-the-art advanced materials manufacturing campus in Benton,
Arkansas.

 

Completion of the transaction is expected to take place in H2 FY23, once Avon
Protection has fulfilled its final contractual obligations with its customers
in line with the agreed wind-down plan.

 

Bruce Thompson, Executive Chair of Avon Protection, commented:

"We are delighted to announce the sale of the Lexington facility today, which
provides a future for the facility and the team based there, whilst allowing
us to focus on our core capabilities to deliver mission-critical respiratory
and head protection solutions through our leading positions with the world's
militaries and first responders."

 

Jonathan Coors, CoorsTek CEO, commented:

"Avon Protection's armor business is an excellent complement to our robust
defense business. We are pleased to add these assets to our industry portfolio
as we continue to grow in this region and drive further innovations and
advancement in the armor and ceramics industry."

 

For further enquiries, please contact:

 

 Avon Protection plc

 Rich Cashin, Chief Financial Officer                                                                                              +44 1225 896 848

 Rory Wiltshire, Investor Relations Manager

 MHP

 Tim Rowntree                                                                                                                      +44 7710 032 657

 Peter Lambie                                                                                                                      avonprotection@mhpgroup.com (mailto:avonprotection@mhpgroup.com)

 CoorsTek

 Nancy Fullerton, Sr. Director, Communications                                                                                     +1 517 304 4695

                                                                                                                                   nfullerton@coorstek.com (mailto:nfullerton@coorstek.com)

 

 

About Avon Protection:

Avon Protection makes products that are trusted to protect the world's
militaries and first responders.

 

Our dedicated teams achieve this by developing mission-critical solutions
that enhance our customers' performance, efficiency and capability, whilst
providing ever-increasing levels of protection.

 

With a portfolio that includes respiratory and head protection systems, we are
renowned for our innovative thinking and our steadfast approach to
manufacturing unrivalled products.

 

For further information, please visit our website www.avon-protection-plc.com
(http://www.avon-protection-plc.com) .

 

About CoorsTek:

Founded in 1910, CoorsTek is a leading global manufacturer of technical
ceramics. By leveraging expertise in engineering and materials science,
CoorsTek provides solutions to complex technical challenges in the
semiconductor, medical, automotive, aerospace, and other industries. With over
400 proprietary formulations, vertically integrated systems, and unparalleled
process capabilities, CoorsTek partners with its customers to make the world
measurably better. For more information about our products and services
visit www.coorstek.com (http://www.coorstek.com) .  Follow us on Twitter
(https://twitter.com/CoorsTekInc) and LinkedIn
(https://www.linkedin.com/company/coorstek)

 

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