Acquisition

1 Apr 2008 07:00

Porvair PLC01 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 theacquisition of Toolturn Engineering Limited ("Toolturn"), a specialistengineering firm based in Fareham, Hampshire. Toolturn is a key supplier toPorvair's subsidiary, Microfiltrex, and the acquisition is part of Porvair'sstrategy to support growth in demand for its aviation filtration products. Total consideration will be £1 million, spread over three years. The transactionis expected to be marginally earnings accretive immediately. The high proportionof sales to Microfiltrex in Toolturn's revenues mean that much of revenueacquired will be eliminated on consolidation. Over the last two years, aviation filtration sales at Porvair have grown by morethan 40%. To meet this increasing demand new manufacturing facilities wereopened last week. The new factory, also in Fareham, opened on schedule and belowbudget, providing improved clean room, manufacturing, design, laboratory andtest house capabilities. These upgraded facilities, along with the additionalengineering capabilities at Toolturn, will allow the Porvair Filtration Group toimprove 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 productionfacilities greatly improves our ability to serve our growing aerospacefiltration 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 weare confident that Toolturn will be a valuable addition to the Porvair Group." Contact: Porvair plcBen Stocks, Chief Executive 01553 765 500Chris Tyler, Group Finance Director 01553 765 500 Buchanan Communications 0207 466 5000Charles Ryland / Ben Willey/SusannaGale Notes to editors Porvair is a group of specialist filtration and environmental technologybusinesses. Its products are used in a range of niche filtration markets, andare derived from its expertise in the development and manufacture of porous andmicroporous ceramics, metals, plastics and carbons. This information is provided by RNS The company news service from the London Stock Exchange