Acquisition

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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Porvair (PRV)
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