Porvair PLC
27 March 2001
FOR IMMEDIATE RELEASE 27 March 2001
Porvair plc
Acquisition
Porvair plc ('Porvair' or the 'Group') the materials science group announces
the acquisition of Fairey Microfiltrex Ltd ('Microfiltrex') from Fairey Group
plc. The consideration of £12 million will be paid in cash from existing bank
facilities.
Microfiltrex designs, manufactures and markets custom microfiltration and
separation systems for demanding environments. Microfiltrex had earnings
before interest and tax of £1.3 million in the year to December 2000 with net
assets at 31 December 2000 of £2.1 million.
Ben Stocks, Chief Executive of Porvair, commented:
'Porvair is delighted to welcome such a prestigious specialist filtration
business into the Group. Microfiltrex has some excellent products, people and
technologies and has a strong reputation in its market. The combination of
these strengths with Porvair's own specialist filtration concerns, and
particularly with Porvair's experience in microporous filtration media
development, will allow us to build a robust and innovative specialist
filtration company, and to better serve the broader development activities
that the Group is undertaking.'
Porvair plc
Ben Stocks, Chief Executive
Mark Moran, Group Finance Director Tel: 01553 761111
Buchanan Communications Tel: 020 7466 5000
Charles Ryland
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