Last checked at 1 Mar 2018 07:00
For immediate release 1 March 2018
Porvair plc ("Porvair" or "The Group")
Acquisition of Keystone Filter
Porvair, the specialist filtration and environmental technologies group, today announces the acquisition of the business of Keystone Filter ("Keystone"), a division of CECO Environmental Corp ("CECO").
The Group has acquired the goodwill, business and trading assets of Keystone for cash. Keystone designs and manufactures a range of filter cartridges and housings for the food and beverage, drinking water, and chemical process markets in the US.
Keystone reported revenue of approximately $4.0 million in the year ended 31 December 2017. As part of this acquisition, the Group has entered into a Transition Services Agreement with CECO to transfer the business to its Ashland, Virginia, plant over the next few months. Keystone will be integrated into the Group's Aerospace & Industrial division. The business is expected to be earnings accretive once the transfer is completed.
Commenting on the acquisition, Ben Stocks, Chief Executive, said:
"The acquisition of Keystone increases the Aerospace & Industrial division's presence in the US, broadening its markets and providing a range of cross selling opportunities. Keystone brings sales expertise, distribution and a broad customer base for whom Porvair's wider product range will be attractive."
Market Abuse Regime
The information contained within this announcement is deemed by Porvair to constitute inside information as stipulated under the Market Abuse Regulation. Upon the publication of this announcement via a regulatory information service, this inside information is now considered to be in the public domain.
For more information, 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 / Stephanie Watson |
Notes to Editors
Porvair is a group of specialist filtration, separation and environmental technologies businesses. Its products are used in a range of niche filtration and separation markets, and are derived from its expertise in the design and manufacture of filtration and separation systems. From the 2018 financial year it is organised into three divisions: Aerospace & Industrial; Laboratory; and Metal Melt Quality.