Last checked at 28 Apr 2016 07:00
28 April 2016
Victrex Announces Resolution of US Federal Trade Commission Inquiry
Victrex plc today announces that it has entered into a consent decree with the U.S. Federal Trade Commission (FTC) concerning an FTC inquiry into the sale and marketing of implantable grade PEEK polymer in the United States by Victrex's subsidiaries, Invibio Inc and Invibio Limited.
The consent decree is clear that we have not admitted any violations of any law.
There are no penalties or fines and the consent decree will resolve all outstanding matters pending before the FTC.
A decision to enter into the consent decree and end the investigation quickly and without admitting to any violations of any law, was taken to ensure that management time, resources and focus remains on product and market innovation, maximising customer relationships and minimising business disruption.
We do not expect the FTC consent decree to have a material impact on our business.
The consent decree will apply to all existing and future Invibio customer contracts. Generally, the consent decree does not enable Invibio to enter agreements or engage in practices that require its customers to purchase PEEK exclusively at or beyond the device level from Invibio. There are exceptions for certain important circumstances, including where Invibio is working with its customers on custom components and when jointly developing new and exciting applications.
Enquiries:
Victrex plc:
Andrew Hanson, Head of Investor Relations & Communications +44 (0) 1253 898121
David Hummel, Chief Executive +44 (0) 1253 898150
Louisa Burdett, Group Finance Director +44 (0) 1253 898150
Teneo Strategy:
Charles Armitstead +44 (0) 203 603 5220
About Victrex:
Victrex is an innovative world leader in high performance polymer solutions, focused on the Automotive, Aerospace, Energy, Electronics and Medical markets. Every day, millions of people rely on products or applications which contain our materials, from smartphones, aeroplanes and cars to oil & gas operations and medical devices. With over 35 years' experience, we are investing in leading edge solutions to shape future performance for our customers and our markets, and to drive value for our shareholders. Find out more at www.victrexplc.com.