Business
Acquisition of Keystone Filter
Acquisition of Keystone Filter.
About this update from Porvair Plc
[{"type":"text","content":"\n \nRNS Number : 3137G Porvair PLC 01 March 2018 \n\nFor immediate release 1 March 2018\n \nPorvair plc (\"Porvair\" or \"The Group\")\nAcquisition of Keystone Filter\n \nPorvair, 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\").\n \nThe 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. \n \nKeystone 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.\n \nCommenting on the acquisition, Ben Stocks, Chief Executive, said:\n\"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.\"\n \nMarket Abuse Regime\nThe 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 publi...