Sale of Armor Assets

Avon Protection today announces it has reached an agreement to sell the assets of its Lexington, KY facility to CoorsTek, Inc., a global manufacturer of advanced ceramics materials for a modest cash consideration.

This facility is part of the armor business that was acquired through Avon Protection’s acquisition of 3M’s ballistic protection business in 2020. It is focused on manufacturing ceramic plates, an essential component of body armor and aircraft armor. As announced earlier this year, the armor business is in the process of being wound down in the current financial year.

CoorsTek is an established supplier to the aerospace and defense industry, investing over $50 million in this business over the past two years, including a state-of-the-art advanced materials manufacturing campus in Benton, Arkansas.

Completion of the transaction is expected to take place in H2 FY23, once Avon Protection has fulfilled its final contractual obligations with its customers in line with the agreed wind-down plan.

Bruce Thompson, Executive Chair of Avon Protection, commented:

“We are delighted to announce the sale of the Lexington facility today, which provides a future for the facility and the team based there, whilst allowing us to focus on our core capabilities to deliver mission-critical respiratory and head protection solutions through our leading positions with the world’s militaries and first responders.”

Jonathan Coors, CoorsTek CEO, commented:

“Avon Protection’s armor business is an excellent complement to our robust defense business. We are pleased to add these assets to our industry portfolio as we continue to grow in this region and drive further innovations and advancement in the armor and ceramics industry.”