Business
Acquisition and Trading Update
Acquisition and Trading Update.
About this update from Porvair Plc
[{"type":"text","content":"\n \nRNS Number : 2950G Porvair PLC 05 June 2013 \n\nFor immediate release 5 June 2013\n \nPorvair plc (\"Porvair\" or \"The Group\")\n \nAcquisition and Trading Update\n \nPorvair, the specialist filtration and environmental technologies group, today announces the acquisition of the business of Eisenmann Metallurgical LLC and issues a trading update ahead of the publication of its interim results for the six months ended 31 May 2013 on 24 June 2013.\n \nThe Group's Microfiltration division has acquired the goodwill, business and trading assets of Eisenmann Metallurgical LLC, trading as Chand Eisenmann Metallurgical (\"CEM\"), for a total consideration of US$5.5 million in cash and loans. CEM designs and manufactures specialist filters from a facility in Caribou, Maine. There is a good commercial fit between CEM and Porvair's existing product portfolio. With clear cross-selling opportunities, the combined business is well positioned to accelerate its rate of growth in the US. The transaction is expected to be immediately earnings accretive. \n \nThe Group has started 2013 well and expects to report interim profits well ahead of 2012. Several major contracts were announced earlier in the year and will support Group performance over the next few years. All are on schedule and have begun to contribute to results. Group revenue is expected to be around 7% ahead of the first six months of 2012 at constant currency rates. Order books are strong in Microfiltration and market share gains continue to be made in Metals Filtration. \n \nAn analyst briefing will be held at 9.30 a.m. at Buchanan, 107 Cheapside, London, EC2V 6DN on the day of the interim results, Monday 24 June 2013.\n \nCommenting on the acquisition and trading, Ben Stocks, Chief Executive, said:\n \n...