British aero engineer Hampson Industries Plc (HAMP.L: Quote, Profile, Research) said on Friday it was to pay up to $314 million to make two U.S. acquisitions, to expand its presence in the carbon composite materials market in the United States.
Hampson also said it was raising 65 million pounds ($129 million) via a placing and open offer to help fund the deals, which are inter-conditional, to buy Odyssey Industries Inc and Global Tooling Systems Inc.
Hamspon will pay an initial $253 million made up of $213 million in cash and 14.87 million new shares, with further payment dependent on performance.
Both Odyssey and GTS are suppliers to next-generation commercial and military aircraft, including Boeing's (BA.N: Quote, Profile, Research) 787 and the F-35 Joint Strike Fighter and "are under substantially common ownership, and are both headed by President Randal D. Bellestri," Hampson said.
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