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10 Jul 2015 07:00
For immediate release 10th July 2015
Devro plc
Acquisition
Devro, one of the world's leading manufacturers of collagen products for the food industry, yesterday entered into an agreement to acquire 100% of the shares in PV Industries B.V. ("PVI"). PVI is a leading manufacturer of high quality collagen gel products for the meat processing industry. Based in the Netherlands, PVI offers Devro access to a strong technical skills base together with an innovative and developing product portfolio.
Completion of the acquisition is conditional upon clearance by the authorities in certain EU jurisdictions.
The consideration payable is the equivalent of c. €12.5 million on a debt-free basis, with a possible additional payment of up to €1 million under an earn-out arrangement. In 2014, PVI's EBITDA was €1.3 million on sales of €6.3 million.
Simon Webb, Devro plc Group Finance Director, said: "This acquisition supports Devro's strategy by growing sales of collagen products through product differentiation and enhancing value for customers. It will strengthen our presence in Europe, extending our product knowledge and technical expertise in a specialist sector."
ENDS
For further information, please contact:
Devro plc Simon Webb, Group Finance Director
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Tel No: 020 7182 4960
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Buchanan Charles Ryland / Robbie Ceiriog-Hughes
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Tel No: 020 7466 5000 |
Notes to Editors
FTSE listed Devro (the "Group") is one of the world's leading providers of collagen casings to the food industry supplying a wide range of products and technical support to manufacturers of sausages, salamis, hams and other cooked meats. The Group employs 2,200 staff across the world and produces its casings from five manufacturing sites based in Scotland, Australia, the Czech Republic and the USA. Devro reported sales of £232.3 million and profit before tax (before exceptional items) of £26.1 million for the year ended 31 December 2014. Devro is a constituent of the FTSE4Good Index Series which recognises that the company's performance meets globally recognised corporate responsibility standards.
Further information on Devro can be found on the company's website: www.devro.com
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