REG - Senior PLC - Completion of Acquisition of Spencer Aerospace

SeniorAnnouncement

28/11/2022 07:00

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RNS Number : 6839H  Senior PLC  28 November 2022

Completion of Acquisition of Spencer Aerospace

Further to the announcement dated 9 June 2022, Senior plc is pleased to
confirm the completion of the acquisition of substantially all of the assets
of Spencer Aerospace Manufacturing, LLC((1)) ("Spencer Aerospace" or "the
Company"), a leading manufacturer of highly engineered, high-pressure
hydraulic fluid fittings for use in commercial and military aerospace
applications.

This acquisition enhances Senior's industry-leading fluid conveyance
capabilities and is an important step in our strategy to optimise our
portfolio and maximise value for shareholders. Integration plans are well
defined, and we are now focused on delivering the growth opportunities we have
identified.

Commenting on the completion of the acquisition, David Squires, Senior's Chief
Executive Officer, said:

"We are delighted to have completed this acquisition and look forward to
working collaboratively with Steven and his team.  Our combined expertise and
market reach will allow us to satisfy existing and new customer requirements
for source-controlled fittings and rapidly grow associated revenues."

Steven Spencer, President of Spencer Aerospace, said:

"We are very pleased that we have concluded this transaction and look forward
to accelerating the growth of our business as part of the Senior family."

The transaction value and terms are unchanged from our statement issued on 9
June 2022 and the initial consideration of $30M has now been paid.

Notes

 ((1))  Senior is buying substantially all of the assets of Spencer Aerospace
        Manufacturing, LLC from Spencer Aerospace Manufacturing, LLC, a subsidiary of
        Pivotal Manufacturing Group, LLC.

Further information

 Bindi Foyle            Group Finance Director, Senior plc          +44 (0) 1923 714 725
 Gulshen Patel          Director of Investor Relations, Senior plc  +44 (0) 1923 714 722
 Richard Webster-Smith  Finsbury Glover Hering                      +44 (0) 7796 708 551

About Senior

Senior is an international manufacturing group with operations in 12
countries.  It is listed on the main market of the London Stock Exchange
(symbol SNR).  Senior designs and manufactures high technology components and
systems for the principal original equipment producers in the worldwide
aerospace & defence, land vehicle and power & energy markets.
Further information on Senior plc may be found at: www.seniorplc.com
(http://www.seniorplc.com)

About Senior Aerospace

Senior Aerospace provides high technology products and systems for demanding
applications in aerospace & defence and adjacent markets.  Our product
portfolio spans a wide range of fluid conveyance and thermal management
components and sub-systems, as well as complex structural parts and
assemblies, for fixed-wing and rotary aircraft, aero-engines, spacecraft and a
variety of other industrial applications.  With a global footprint, Senior
Aerospace manufactures proprietary designed and build-to-print products for
customers around the world that meet today's challenges and is actively
engaged in developing products and capabilities for a low carbon sustainable
future.

About Spencer Aerospace

Spencer Aerospace is an industry leader in high-precision hydraulic fluid
fittings for use in commercial and military aerospace applications.  The
Company specializes in source controlled, standard and proprietary fittings
and offers a range of engineering, manufacturing, design and testing
capabilities.

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