Airbus supplier Gardner Aerospace Announces Completion of Sale to Chinese Firm SLMR

Gardner Aerospace, Europe's largest supplier of aerospace detailed parts and sub-assemblies, is announcing the completion of its acquisition by Ligeance Investments Ltd, a Hong Kong-based subsidiary of Shaanxi Ligeance Mineral Resources (SLMR), in a deal worth more than 300 mIillion pounds.

Nick Sanders, Executive Chairman, Gardner Aerospace, says:"With the long-term backing of our new owners, we will be able to accelerate our growth plans, construct operations in new locations and continue to offer our customers, such as Airbus, excellent quality production at competitive prices. The management team are excited about the future opportunities this presents and look forward to working with our colleagues at SLMR."

The acquisition gives Gardner Aerospace the opportunity to access the rapidly growing Chinese domestic market and, together with SLMR, move towards the vision of establishing a global top five aerospace detailed parts manufacturing business.

Mr Zheng Zhang, Chairman, SLMR, says: "The acquisition of Gardner Aerospace will allow us to serve our customers better - in China and the rest of the world - for decades to come. With the management team at Gardner Aerospace, we intend to further consolidate the global aerospace supply chain through careful, strategic acquisitions."