Porvair PLC
27 February 2001
FOR IMMEDIATE RELEASE 27 February 2001
PORVAIR plc
ACQUISITION
Porvair plc, the materials science Group, announces the acquisition of
Engineered Ceramics (EC) from the Lindberg business unit of SPX Corporation.
Total cost to Porvair was $5.8million.
EC is a US-based manufacturer of high performance products for the molten
metal and thermal processing industries and has a strong position in supplying
the investment casting industry, a market in which Porvair's subsidiary Selee
has a fast growing presence. EC will report through and be managed by Selee.
For the year ended 31 December, profit before tax, based on EC management
accounts was $0.9m and net assets were $2.7m at that date.
The acquisition is expected to be earnings enhancing from completion and will
be funded through existing bank facilities.
Commenting on the transaction, Ben Stocks, Chief Executive of Porvair plc
said:
'The acquisition of Engineered Ceramics creates scope for further growth in
revenues and profitability from Selee. The combination of EC's product base,
Selee's sales force and Porvair's new materials pipeline, will enable us to
continue to grow in this dynamic part of our business.'
For further information contact:
Porvair plc
Ben Stocks, Chief Executive
Mark Moran, Group Finance Director Tel: 01553 761111
Buchanan Communications Tel: 020 7466 5000
Charles Ryland / Catherine Miles
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