Acquisition

Porvair PLC 2 May 2001 For Release: 07.30am 2 May 2001 Porvair plc Acquisition Porvair plc ('Porvair') today announces the acquisition of 2Fi Holdings Limited ('2Fi'), a specialist filtration company based in Hampshire, UK. The consideration is £7.3million, comprising cash of £1.0million, unsecured loan notes of £1.5million and shares in Porvair Technology Limited ('PTL') with a value of £4.8million. For the year ended October 2000, 2Fi reported profit before tax of £0.8million and had net assets of £1.5million at that date. 2Fi will merge with Porvair's existing specialist filtration companies - PTL and Porvair Microfiltrex - to form a new company, Porvair Filtration Group. The three founders of 2Fi will own 21% of the Porvair Filtration Group. All three will remain actively involved in the management of the new business. Commenting on this transaction, Ben Stocks, Chief Executive of Porvair plc said : 'We are delighted to announce the acquisition of 2Fi and its incorporation into the Porvair Group. This dynamic and entrepreneurial business has a product base and market focus that is highly complementary to ours. The management team has a proven track record and excellent technical qualifications, and as part owners of the business will have a strong incentive to make this venture succeed. The combined business will be an outstanding specialist filtration business with expertise in sintered materials, filtration media and high performance filters for demanding environments.' Porvair plc Tel: 01553 761111 Ben Stocks, Chief Executive Mark Moran, Group Finance Director Buchanan Communications Tel: 020 7466 5000 Charles Ryland / Catherine Miles

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Porvair (PRV)
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