AVON PROTECTION ANNOUNCES SALE OF ARMOR ASSETS TO COORSTEK
Golden, CO
|
December 05, 2022 09:00 AM Eastern Standard Time
December 5, 2022 (Golden, CO.) Avon Protection today announced 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’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 by the end of FY23.
CoorsTek has been a long-time provider 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. “Avon Protection’s armor business is an excellent complement to our robust defense business,” said Michael Coors, CoorsTek CEO. “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.”
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 plant and the team based there, whilst allowing us to focus on our core capabilities to deliver mission-critical personal protection solutions to the world’s militaries and first responders.”
Completion of the transaction is expected to take place in H2 FY23 once Avon has fulfilled its final contractual obligations with its customers per their agreed wind-down plan.
Legal Entity Identifier: 213800JM1AN62REBWA71
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation ("MAR") EU no.596/2014. Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
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.
For further enquiries, please contact:
Avon Protection p.l.c.
Rich Cashin, Chief Financial Officer+44 1225 896 848
Rory Wiltshire, Investor Relations Manager
MHP
Tim Rowntree +44 7710 032 657
Peter Lambie avonprotection@mhpc.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. Follow us on Twitter and LinkedIn
Contact Details
CoorsTek
Nancy Fullerton
+1 517-304-4695
Company Website
