UK Secretary of State for Business, Energy and Industrial Strategy Alok Sharma confirmed that Chinese-owned firm Gardner Aerospace has withdrawn its plans to acquire Impcross.
Based in the UK, Impcross is a privately owned engineering company involved in the manufacture of complex prismatic and rotating parts, aero assemblies and support processes.
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Impcross’ majority sales are made to the commercial aerospace sector with some to the military aerospace sector.
The company is considered a ‘relevant enterprise’ as its activities comprise or include manufacturing restricted goods, according to the Ministry of Defence.
Gardner’s proposed plans to acquire Impcross drew a lot of concerns that led to the Secretary of State confirming intervention in the merger on national security grounds on 5 December 2019.
The Secretary of State holds right to intervene in mergers on public interest grounds relating to national security under the Enterprise Act 2002.
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By GlobalDataOn 2 March, the Competition and Markets Authority (CMA) submitted a report to the Secretary of State on the deal.
The Department for Business, Energy & Industrial Strategy said in a statement: “By accepting the undertakings, the public interest intervention has come to an end.
“The pre-emptive action order preventing the parties from taking any actions that might raise national security concerns also ceases to have any effect.”
