Exhibitor Press Releases
Trelleborg’s will showcase its comprehensive range of high performance protection solutions at the Undersea Defence Technology (UDT) exhibition and conference in Stockholm, Sweden, giving visitors a first-hand look at specific protection solutions for submarines and ships.
Exhibition attendees will be able to view solutions including low density composites for control surfaces, trim correction modules and buoyancy systems; acoustic transparency anechoic coatings; Intek® thermal and acoustic insulation; anti-vibration and noise control solutions; fluid handling systems and fire and blast resistant products.
David Clayton, Sales Director at Trelleborg’s applied technologies operation states: “Trelleborg works hard to continuously innovate and produce solutions which meet stringent requirements. UDT provides us the opportunity to discuss new challenges and to showcase how our solutions can help overcome the challenges in an efficient and sustainable way.”
“Trelleborg’s core competencies and unique combination of global manufacturing capabilities and material science make it a supplier of choice for many cutting-edge projects that range from the deepest oceans to the furthest reaches of outer space.”
As a world leader in engineered polymer solutions, Trelleborg is able to seal, damp and protect critical applications in demanding environments. Its innovative solutions are designed to accelerate customer performance in many different ways. From improving functionality to increasing productivity, Trelleborg is able to provide tailored solutions using proven materials and technologies to meet the needs and requirements of the Defense industry.
Cobham Sliprings is at the forefront of electrical slipring (slipring assortment or SRA) development and production, enabling electrical bonding (electrical slipring) across rotating and stationary components in the naval industry.
Cobham’s array of sliprings include slipring products both standardised and individually manufactured, and additionally covers most areas of application (µA up to kA, µV up to kV, DC up to 500 MHz, mW up to MW).
TP Group (AIM: TPG), the specialist services and engineering group, is pleased to announce the acquisition of the entire issued share capital of Sapienza Consulting Holding BV. ("Sapienza") for an initial cash consideration of €10.0 million and €1.5 million by way of the issue of 20,612,865 new ordinary shares of 1p each in the Company (the "Consideration Shares"). In addition, a maximum of €2.0 million may also be payable in cash on delivery by the vendors of certain transition activities within two years following completion of the acquisition.
The directors of TP Group expect that the acquisition of Sapienza will be earnings accretive to the Group for the year ending 31 December 20191 and significantly earnings accretive for the year ending 31 December 20201. The cash element of the consideration will be funded from existing cash resources. The deal is to be completed on a debt-free, cash-free, normalised working capital basis, with a two-year lock-in on the Consideration Shares.
· The acquisition will extend TP Group's capabilities in the space industry
· Sapienza is a complementary business delivering highly complex solutions and skillset to the space and defence markets
· The Group, as enlarged by the acquisition, will have a pan-European presence and extended customer base
· Significant cross selling opportunities across blue-chip customer base
· The acquisition is expected to be earnings accretive in the year ending 31 December 20191 and significantly earnings accretive in the year ending 31 December 20201
Sapienza is a privately-owned group of services and software companies serving the space and defence sectors. Sapienza's headquarters are in the Netherlands, with additional facilities in five other European countries. Sapienza provides specialist technical consultancy services for space missions and operations to international and government organisations, including the European Space Agency ("ESA"), NATO and EUMETSAT.
Furthermore, Sapienza has developed innovative software tools to support technology-centric resourcing using Artificial Intelligence and machine learning, and a suite of software tools and supporting services for large-scale development projects and system programmes. These software tools are aimed at helping projects and missions achieve higher efficiency. TP Group will invest in the further development of these tools and promote their usage by prime contractors and mission systems providers in the space, defence and other sectors.
The directors expect that the acquisition will bring substantial market presence in the highly complementary space sector, along with new customers, skills and technologies and a much-enhanced footprint in Europe.
Through its existing customer relationships in the defence industry, TP Group understand the demands and sensitivities when advising on strategic problems in highly complex environments and implementing technology-driven solutions. Sapienza has been delivering solutions for over 25 years and has supported numerous ESA space missions. Its experience in delivering mission-critical services to customers with a similar profile, make it a highly complementary and strategic acquisition for TP Group.
The Sapienza business will be fully integrated into the Group and will contribute to the existing Consulting and Programme Services business stream.
In the financial year ended 31 December 2018, Sapienza reported unaudited consolidated revenues of €18.9 million and profit before tax of €0.7 million. As at 31 December 2018, Sapienza had unaudited consolidated gross assets of €9.2 million.
Andrea Bennetti, Mike Bearman and Tarik Larfaoui, all directors and the majority shareholders of Sapienza, will remain with the business and continue to lead Sapienza's activities and operations.
Application will be made for the Consideration Shares (the issue price for which was calculated by reference to a weighted average share price of the Company's ordinary shares over the period of 20 business days ending on 29 April 2019) to be admitted to trading on AIM. It is expected that dealings in the Consideration Shares, which will rank pari passu in all respects with the existing ordinary shares of 1p each in the Company ("Ordinary Shares"), will commence on 7 May 2019, albeit the Consideration Shares will be locked up for a two year period from the acquisition.
Following the issue of the Consideration Shares, the issued ordinary share capital of the Company will consist of 779,178,719 Ordinary Shares. No Ordinary Shares are held in Treasury. The above figure of 779,178,719 may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
1 The statement regarding management's views as to the accretive nature of this transaction is not a profit forecast and should not be interpreted to mean that the Group's earnings per share will necessarily match or exceed the historic earnings of the Group.
Phil Cartmell, Chief Executive Officer of TP Group, commented:
"We are delighted to welcome Sapienza into the Group, bringing highly complementary skills, technologies and customers across both the defence and space sectors.
"Several of the existing Group leadership team have experience in the space sector and we see significant opportunities to leverage the skills and technologies of both Sapienza and TP Group across the enlarged global footprint.
"We are equally excited to see the continued development of new technologies from the team at Sapienza. It is pleasing that Andrea, Mike and Tarik, will continue to work with us post-acquisition to continue managing and growing the business, including the delivery of several technology projects that will build the future propositions of the larger Group.
"We believe this acquisition enhances our unique business by further augmenting our ability to deliver services and skills into highly complex and critical environments. The combination of the two businesses presents a compelling opportunity for future success."
TP Group (AIM: TPG), the specialist services and engineering group, is pleased to announce that it has been awarded a contract worth approximately £16.9 million by a leading UK Defence company to provide advanced packaged equipment. The contract pricing remains subject to final verification by the MoD as part of their standard audit cycle.
Under this contract, TP Group will build a primary set of equipment to qualify and verify the system design, and then produce the first operational set. This work will start immediately at TP Group facilities across the UK and is expected to be completed in late 2021.
Phil Cartmell, Chief Executive Officer of TP Group commented:
"We are very pleased to have reached this agreement and to continue our work on strategic defence programmes.
"This broad-scope project will be delivered by our combined Technology & Engineering and Consulting & Programme Services teams using resources at various locations in the UK. This demonstrates the value and breadth of the integrated Group to work in close partnership with our major customers."
Following 30 years of development, an established material has been given a
new lease of life: copper-nickel-chrome, which has been in-service with critical
systems for the Royal Navy is now available in wrought form.
International underwater connectivity manufacturer Hydro Group has established a new partnership with Japanese electrical and optical products company Riken Dengu Seizo Co., Ltd.
In order to give naval vessels more opportunities to fix their position, the Dutch leading system integrator has integrated an optical bearing device (OBD) in WECDIS, RH Marine’s digital chart system for military purposes. The optical bearings of objects, such as lighthouses and other landmarks, are automatically displayed on the digital chart. Also the system can send back data to the OBD, which makes it unique in the industry.
GISMA Steckverbinder GmbH designs and produces underwater connnectors that are deployed deep sea at depths of up to 10000 m.
Subsea connectivity specialist Hydro Group is the first engineering firm in the world to offer manned submersible electrical penetrators type-approved for use at a working depth of up to 650 MSW (Metre sea water).
ZMicro was honored with a gold award for innovation in C4ISR (Command, Control, Communications, Intelligence, Surveillance, and Reconnaissance).
The ZM3 mission computer is the industry’s smallest, lightest, most capable rugged computer available with support for the NVIDIA Quadro P6000 GPU. It is designed to provide the enterprise-class capabilities of a rack mount server in a fraction of the size and weight, making it ideal for space-constrained applications such as manned and unmanned airborne ISR.
RTSYS improved detection capacities on the French Navy's older generation frigate sonars through complete digital retrofit.
IMI Critical Engineering is a world-class leading provider of complex critical flow control solutions, delivering breakthrough engineering to improve quality of life. In 2019 our defence customers will be offered a new unparalleled product portfolio of solutions, harnessing the expertise and engineering excellence of our Critical and Precision divisions – empowering us with the capability to support larger sale Maritime Defence platforms.