U.S. private-equity firm American Industrial Partners acquired the U.S. operation of Hampson Industries Plc (HAMP), a maker of tooling and components for Boeing Co. (BA:US) and Airbus SAS airliners, as a search continues for a buyer of the insolvent company’s Indian operation.
“The group’s Indian subsidiary, Hampson Industries Private Ltd., continues to trade on a solvent basis under the control of its directors. It is expected that this business will be marketed for sale,” newly appointed administrator FTI Consulting said in statement. The price AIP is paying for the U.S. operation wasn’t disclosed.
Hampson has been trying to sell units in the U.S., India and the U.K. to cut about 57 million pounds ($90 million) in debt. On Nov. 16, the company agreed to sell BHW (Components) Ltd., based in Wigan, England, to investor group LNB UK Ltd. for 2.37 million pounds, according to a statement.
“The sale of the U.S. businesses to AIP concludes a prolonged period of uncertainty and provides a stable platform for the profitable U.S. operations to move forward,” administrator Simon Ian Kirkhope said in a statement. Kirkhope and Chad Griffin, also of FTI, were named Hampson’s joint administrators today, the manufacturer said.
“The administration is not expected to result in there being any value remaining for the company’s shareholders,” said Hampson, based in Brierley Hill, England.
Hampson lost 13 million pounds last year on sales of 197 million pounds. The company warned in February that this year’s financial performance may be affected by delays in its largest tooling order.
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