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Morson Group PLC Acquisition of the balance of Morson Wynnwith Limited

Morson Group PLC Acquisition of the balance of Morson Wynnwith Limited
Morson, the UK's leading provider of technical engineering personnel and project design solutions, is pleased to announce the acquisition of the issued shares in its joint venture subsidiary, Morson Wynnwith Limited (MW) that Morson does not already own for a cash consideration of 4,005,000. The effective date of the transfer is 11 February 2011. MW acquired the business and assets of Wynnwith Group Limited ("Wynnwith") and the issued share capital of Wynnwith SRL, its small trading Italian subsidiary, out of administration in June 2010.
Wynnwith, established in 1973, was a well respected competitor of Morson, providing technical and engineering personnel to a range of blue chip clients in the aerospace, defence, marine, electronics, airline and rail industries and engaged over 2,000 contractors.
MW was formed with the sole purpose of acquiring the business and assets of Wynnwith and was a joint venture between existing shareholders of Wynnwith (who held 49% of the issued share capital of MW) and Morson (who held the remaining 51%). Following the acquisition by Morson of the minority 49% of the issued share capital of MW, MW is now a wholly owned subsidiary of Morson.
Commenting on the acquisition, Morson Chief Executive, Ged Mason, said: "We are delighted to have concluded the acquisition of the balance of MW bringing the whole business within the Morson Group. MW has continued to progress well and with the successful integration of the Wynnwith operations and client base to the enhanced suite of technical service offerings within the Morson Group, we look forward to consolidating our position in the coming year".

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