Porvair PLC
10 April 2001
10 April 2001
Porvair plc acquires 25% of Sympatex Technologies GmBH ('Sympatex')
Porvair plc today announces that it has acquired 25% of Sympatex from
C.F.Plouquet GmBH & Co. ('Plouquet'). Sympatex is the leading branded
waterproof/breathable textile in Northern Europe.
Commenting on this transaction, Ben Stocks, Chief Executive of Porvair plc
said:
'A partnership between Porvair and Plouquet will accelerate the development of
Sympatex. Sympatex is a great product, and the brand is very well known in
Northern Europe. Porvair will bring its membrane technical expertise to the
partnership and will support product development at Sympatex. In the medium
term this will offer additional routes to market for Porvair products as new
Sympatex branded technologies are developed and launched.
This is a further step in delivering the strategy we outlined at the time of
our results in January 2001. As we explained at that time we see the year as
one of transition. We are substantially increasing our R&D expenditure in
2001, and to support this are reviewing operations to ensure the optimum
profile of cash generation and profits growth. In our Membranes business this
has meant simplifying our product range and stopping production of marginal
lines. The costs associated with this will be £3million, primarily the
non-cash write-off of assets used in the production of redundant products.
Our involvement with Sympatex clears the way for our Membranes business now to
focus wholly on its waterproof/breathable technology.'
Porvair plc Tel: 01553 761111
Ben Stocks, Chief Executive
Mark Moran, Group Finance Director
Buchanan Communications Tel: 020 7466 5000
Charles Ryland
Catherine Miles