Umeco buys Italian firm to expand in wind energy

Dec 4 (Reuters) -Aerospace parts supplier Umeco Plc (UMC.L) said on Thursday it bought Italy-based Industria Plastica Monregalese (IPM) for 16.8 million euros ($21.3 million) as part of its plans to develop a wider global presence in the wind energy market.

The company will pay IPM's private shareholders 12.8 million euros on completion of the deal, with the remaining 4 million euros held in escrow pending warranty claims.

IPM is a key supplier of vacuum bagging films, a material that Umeco uses in manufacturing large-scale wind turbine blades.

Umeco said the acquisition provides its composites division with a secure supply of a key process material and the opportunity to develop a wider global presence in the wind energy market.

Wind energy currently accounts for just 6 percent of its sales, it said. (Reporting by Usman Merchant in Bangalore; Editing by Mike Miller)