FIGEAC AERO: COMPLETION OF INDUSTRIAL REDEPLOYMENT IN MEXICO TO SUPPORT THE GROUP’S GROWTH AMBITIONS – 09/30/2022 at 19:55


The FIGEAC AÉRO Group (ticker code: FGA), a leading partner of major aeronautics manufacturers, announces that it has finalized the sale and acquisition operations relating to the redeployment of its production in Mexico.

In accordance with the press release dated June 20, 2022, the Group completed this summer the acquisition of the industrial assets of the American company Kaman Aerospace Group Inc. located in the State of Chihuahua in Mexico. This production site specializes in the manufacture of complex sheet metal parts for civil and military aviation, the machining of parts from profiles and the assembly of aeronautical sub-assemblies.

This acquisition is accompanied by a service contract with Kaman Aerospace Group Inc. to provide assistance during the transition period for a period of 6 months and a subcontracting contract for the production of related parts to certain Kaman Aerospace Group Inc. markets.

In accordance with the development plan for this new site, the transfer of charges for the contracts retained as part of the sale of the assets of the Hermosillo plant has been initiated with the restarting in situ of certain production. Gradually, this new site will replace that of Hermosillo and will in particular enable the Group to double its manufacturing capacity in complex sheet metal work in North America in line with its growth ambitions in the region.

At the same time, FIGEAC AÉRO today closed the sale of the industrial site of Hermosillo (Mexico) to Latécoère. The company is already planning to devote part of the net sale price to the start-up of a mechanical parts machining unit in Chihuahua in order to better meet the needs of its North American customers.

Thus, FIGEAC AÉRO is pursuing its medium-term strategic plan based, among other things, on an optimized industrial footprint with predefined industrial plans on the France and Best Cost sites, the ramp-up of the Best Cost sites (Tunisia, Morocco and Mexico) and the reinforcement of automation on the model of factories 4.0.

A pillar of the Route 25 plan, this redeployment will contribute to achieving the objectives for the 2024/25 financial year, namely:

  • turnover between €400 million and €430 million,

  • current EBITDA

    [1]

    between €67m and €73m,

  • free cash flow

    [2]

    between €20m and €28m positive,

  • a reduction in net financial debt

    [3]

    which should be between €280m and €300m.

In accordance with the terms of the agreement on the adjustment of the financial structure, Mr. Jean-Claude Maillard will proceed in the coming days to the sale of 892,857 existing shares of the Company to Ace Aéro Partenaires at a price of €5.60 per share. .


ABOUT FIGEAC AERO

The FIGEAC AÉRO Group, a benchmark partner for major aerospace manufacturers, specializes in the production of structural parts in light alloys and hard metals, engine parts, landing gear and sub-assemblies. An international group, FIGEAC AÉRO is present in France, the United States, Morocco, Mexico, Romania and Tunisia. As of March 31, 2022, the Group achieved annual revenue of €282 million.


FIGEAC AERO


Jean-Claude Maillard – Chairman and CEO

Such. : 05 65 34 52 52

Camille Traineau

Corporate Development Director

Institutional relations / IR

Such. : 05 81 24 61 90 / [email protected]

NEWS Finance & Communication


Corinne Puissant – Analyst/Investor Relations

Such. : 01 53 67 36 77 / [email protected]

Manon Clairet – Press Relations

Such. : 01 53 67 36 73 / [email protected]

Appendix 1 – Shareholding structure after completion of the sale of existing shares by the Company by Mr. Jean-Claude Maillard to Ace Aéro Partenaires

Undiluted base

Diluted basis

Shareholders

Before sale to Tikehau Ace Capital

After sale to Tikehau Ace Capital

After conversion of all ORNANE bonds as modified in the context of the Financial Restructuring

Capital

Capital (%)

Voting rights

Voting rights (%)

Capital

Capital (%)

Voting rights

Voting rights (%)

Capital

Capital (%)

Voting rights

Voting rights (%)

SC MAILLARD AND SON

12,496,000

30.19%

24,992,000

38.91%

12,496,000

30.19%

24,992,000

39.46%

12,496,000

24.78%

24,992,000

34.53%

JC MAILLARD

10,694,920

25.84%

21,288,010

33.14%

9,802,063

23.68%

19,502,296

30.79%

9,802,063

19.44%

19,502,296

26.95%

Maillard family subtotal

23,190,920

56.03%

46,280,010

72.05%

22,298,063

53.87%

44,494,296

70.25%

22,298,063

44.22%

44,494,296

61.48%

Ace Aero Partners

10,357,143

25.02%

10,357,143

16.12%

11,250,000

27.18%

11,250,000

17.76%

11,250,000

22.31%

11,250,000

15.55%

Concert formed between

the Maillard family and Ace Aéro Partners

33,548,063

81.05%

56,637,153

88.18%

33,548,063

81.05%

55,744,296

88.01%

33,548,063

66.53%

55,744,296

77.03%

Other registered titles

221 311

0.53%

422 313

0.66%

221 311

0.53%

422 313

0.67%

221 311

0.44%

422 313

0.58%

Treasury shares

452 704

1.09%

0

0.00%

452 704

1.09%

0

0.00%

452 704

0.90%

0

0.00%

Floating

7,170,966

17.32%

7,170,966

11.16%

7,170,966

17.32%

7,170,966

11.32%

7,170,966

14.22%

7,170,966

9.91%

ORNANE Conversion

9,030,774

17.91%

9,030,774

12.48%

Total

41,393,044

100.00%

64 230 432

100.00%

41,393,044

100.00%

63,337,575

100.00%

50,423,818

100.00%

72,368,349

100.00%


[1]

Current operating income + depreciation and amortization + net provisions – Before breakdown of R&D costs capitalized by the Group by type

[2]

Before financing transactions

[3]

Excluding non-interest bearing financial liabilities


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