Renishaw Investment in Delcam Confirmed |
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Delcam Plc
Small Heath Business Park
Birmingham Hampshir, B10 0HJ
United Kingdom
Press release date: April 25, 2007
At an EGM held on 23rd April, Delcam shareholders voted to accept an investment of around £6.1 million from leading metrology company, Renishaw. The investment is through a subscription for 1,524,052 new Ordinary Shares at £4.00 per share, which represents 20% of Delcam's enlarged capital. The net proceeds will be used to fund the expansion of Delcam's business and for further investment in the development, sales and support of the company's range of CADCAM software. Following the investment, Renishaw has been invited to nominate a director to the Board of Delcam.
Renishaw and Delcam have worked together for many years, share common interests in the fields of engineering and metrology, and worldwide have many common customers. It is believed that closer cooperation will enhance the sales of both companies. This will be achieved by initiatives such as the agreement recently entered into by Delcam for the development of software to support the application of Renishaw's new probes.
Speaking about the investment, Ben Taylor, Renishaw's Assistant Chief Executive said, "The Directors of Renishaw are very pleased to further our long-standing relationship with Delcam in this manner and are confident that the new relationship will be extremely fruitful for the progress and continuing development of both companies."
He continued, "We see particular benefit in the development of software that will enhance our new developments in the fields of dental, medical and precision metrology."
Chairman of Delcam plc, Tom Kinsey, added, "The directors of both companies believe that closer cooperation will enhance our respective sales and will provide opportunities for developing software to support a range of exciting new Renishaw products."
Delcam plc is one of the world's leading suppliers of advanced CADCAM software product development solutions for the manufacturing industry and is listed on the London Stock Exchange's AIM market.
The company has grown steadily since being founded formally in 1977, after initial development work at Cambridge University, UK. It is now the largest developer of product design and manufacturing software in the UK, with subsidiaries in North America, Europe and Asia. Delcam's software is used by more than 18,000 organisations in over 80 countries.
Delcam's sales for the year ending 31 December 2006 rose by 14% to £26.7m and its profit before tax increased by 9.6% to £2.56m.
More information is available at www.delcam.com
Renishaw plc is one of the world's leading metrology companies, with more than 30 years experience of supplying innovative products designed to increase productivity and improve product quality in competitive manufacturing environments.
The company has been honoured with twelve Queen's Awards to date, recognising Technological Achievement, Export Achievement and, again this year, for Enterprise in the Innovations category. In February 2007, the company was honoured with the 'Innovation in industry' award at the prestigious Best of British Industry Awards.
In the year to 30 June 2006, Renishaw generated turnover of £175.8 million and profit before tax of £38.1 million. The Renishaw Group currently has 51 locations in 31 countries, with over 2,100 employees.
More information is available at www.renishaw.com
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