2 Mar 2010 14:44
For Immediate Release
2nd March 2010
Oxford Technology Venture Capital Trust Plc
Evonik Acquires Membrane Extraction Technology In December 1998, Oxford Technology Venture Capital Trust was the first external investor in Membrane Extraction Technology a spin out company of Imperial College, founded by Professor Andrew Livingston, the professor of chemical engineering. Today the company specialises in designing and manufacturing organic nanofiltration membranes which are used to separate the products of certain chemical reactions. Pharma companies are among the users and the membranes have the potential to enhance the efficiency of production of certain pharma products. MET was aquired by Evonik Industries AG, Essen, Germany, on 1 March. The acquisition is an integral part of Evonik's strategy to invest in attractive developing markets driven by the mega trend "Resource Efficiency". Evonik manufactures high-performance polymers some of which are used by MET in the manufacture of certain of its membranes and both parties believe that there will be useful synergies in having the two businesses joined in this way. OT1 receives £816,500 on its investment of £210,000.
Andrew Livingston, the Managing Director of MET, stated "The synergies between MET and Evonik make a compelling case for this excellent deal. The integration of the technology platforms of MET and Evonik through the combination of MET expertise in membranes and processes with Evonik's expertise in polymers and process engineering will make the combination company the market leader in Organic Solvent Nanofiltration (OSN)": The start-up company MET is a leading player in the field of OSN. Its membrane based technology, which can be applied to a wide range of chemical processes, significantly simplifies product purification and generates substantial energy cost savings compared to conventional separation technologies.
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OXT.L (OXT)