A message from IAC's Chief Executive, Brian Quarendon:

Directors from IAC and Boët Stopson gather in Paris earlier this week to conclude the acquisition.

I am very pleased to announce that this month we have concluded the purchase of one of Europe's largest manufacturers of noise control products, Boët Stopson. The acquisition improves dramatically the service we can offer to French, Spanish and Italian customers and confirms IAC's position as undisputed market leader in the European noise control industry.

I would like to welcome all 167 Boët staff to the IAC group of companies. This is an exciting time for our business and your support is crucial to our future success.

To our all-important customers I want to say that I am confident this acquisition will provide lots of tangible benefits. For example, the product ranges of IAC and Boët are substantially different and highly complementary; so we have much to offer one another's customers. The facilities we have acquired in France - which include a 9,300m² (100,000ft²) factory and a modern research and development centre - will make us much more responsive to the needs of clients in large parts of mainland Europe. They will also help us to create and manufacture a new generation of acoustic products and materials.

The Headquarters of Boët Stopson in Lille, France

Whether you are an IAC or a Boët customer, please rest assured that, above all, we aim to provide you with the latest and very best solutions to your noise and acoustic control problems.

Finally, may I wish you a very happy Christmas and prosperous 2003.

Background information: IAC specialises in designing and making acoustic products and structures for the building industry and is a leading specialist in automotive and aero-engine test facilities. Employing over 400 people, the company has its HQ in Winchester (UK) and has offices in Niederkrüchten (Germany) and Copenhagen (Denmark). Boët Stopson manufactures a wide range of industrial noise control products including 'hot gas' silencers and acoustic enclosures. It operates from sites in Lille (France), Milan (Italy), Barcelona (Spain) and Coventry (UK).