Porvair PLC
01 April 2008
For immediate release 1 April 2008
Porvair plc ('Porvair')
Acquisition and opening of new manufacturing facilities
Porvair, the filtration and environmental technology group today announces the
acquisition of Toolturn Engineering Limited ('Toolturn'), a specialist
engineering firm based in Fareham, Hampshire. Toolturn is a key supplier to
Porvair's subsidiary, Microfiltrex, and the acquisition is part of Porvair's
strategy to support growth in demand for its aviation filtration products.
Total consideration will be £1 million, spread over three years. The transaction
is expected to be marginally earnings accretive immediately. The high proportion
of sales to Microfiltrex in Toolturn's revenues mean that much of revenue
acquired will be eliminated on consolidation.
Over the last two years, aviation filtration sales at Porvair have grown by more
than 40%. To meet this increasing demand new manufacturing facilities were
opened last week. The new factory, also in Fareham, opened on schedule and below
budget, providing improved clean room, manufacturing, design, laboratory and
test house capabilities. These upgraded facilities, along with the additional
engineering capabilities at Toolturn, will allow the Porvair Filtration Group to
improve its service to customers and meet their growth expectations.
Ben Stocks, CEO of Porvair plc, said:
'The acquisition of Toolturn Engineering and the move to the new production
facilities greatly improves our ability to serve our growing aerospace
filtration business. We have worked closely with Toolturn for a number of years.
Skills of this quality are increasingly hard to find in parts of the UK and we
are confident that Toolturn will be a valuable addition to the Porvair Group.'
Contact:
Porvair plc
Ben Stocks, Chief Executive 01553 765 500
Chris Tyler, Group Finance Director 01553 765 500
Buchanan Communications 0207 466 5000
Charles Ryland / Ben Willey/Susanna
Gale
Notes to editors
Porvair is a group of specialist filtration and environmental technology
businesses. Its products are used in a range of niche filtration markets, and
are derived from its expertise in the development and manufacture of porous and
microporous ceramics, metals, plastics and carbons.
This information is provided by RNS
The company news service from the London Stock Exchange
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