Filtrona plc
19 April 2007
Filtrona plc Acquisition
Filtrona plc ('Filtrona') today announces it has signed an agreement for the
acquisition of the assets and business of Chicago, Illinois based Duraco Inc.
('Duraco') for a cash consideration of $61m, payable on completion. Completion
of the transaction is conditional upon clearance from the US competition
authorities which is expected within the next 30 days.
For the year ended 31 December 2006, Duraco profit before tax was $6.5m and
gross assets were $10.7m. It is anticipated that the transaction will be
immediately earnings accretive for Filtrona.
Duraco is a market leading manufacturer and supplier of self-adhesive foam
products for protection and finishing applications in a broad array of served
markets including point of purchase products and white goods.
Commenting on the acquisition, Chief Executive, Mark Harper said:-
'The acquisition of Duraco fits exactly with Filtrona's growth strategy of
developing the Company through a combination of organic development and
acquisitions. Duraco is an important addition to the Protection and Finishing
Products activity which has already grown to become Filtrona's largest business.
I would like to take this opportunity to welcome the employees of Duraco to the
Filtrona team.'
Enquiries:
Filtrona plc Tel: 01908 359100
Mark Harper, Chief Executive
Steve Dryden, Finance Director
Finsbury Tel: 020 7251 3801
James Leviton
Gordon Simpson
This information is provided by RNS
The company news service from the London Stock Exchange
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