Victrex PLC Acquisition (7213B)
06 April 2017 - 4:00PM
UK Regulatory
TIDMVCT
RNS Number : 7213B
Victrex PLC
06 April 2017
6 April 2017
Victrex plc
Acquisition of Zyex offers further downstream growth
opportunities
Victrex plc, an innovative world leader in high performance
polymer solutions, today announces that it has acquired UK based
Zyex, which is recognised as a global leader in the manufacture of
PEEK based fibres, principally for the Aerospace, Automotive and
Industrial markets. The acquisition was made for a cash
consideration of GBP10m and offers further downstream growth
opportunities in the developing fibre applications area.
The investment is in line with Victrex's downstream strategy and
focus on selected semi-finished and differentiated products, based
on PEEK and PAEK polymers. Zyex is a well-established and
profitable business, based solely on PEEK products. Beyond
opportunities from existing applications, the investment will also
enable Victrex to explore the potential of 3D printing within the
fibres area, building on its own 3D printing consortium announced
in 2016.
David Hummel, Chief Executive of Victrex, said: "The acquisition
of Zyex is compelling for Victrex, enabling us to not only drive
future growth opportunities within well-aligned markets and
developing application areas, but to also secure some incremental
revenue today.
"Like Victrex, Zyex was formed out of ICI and the two companies
coming together is a natural evolution. Whilst Zyex is
well-established, Victrex's global reach, innovation focus and
proven track record of building new markets offers an attractive
opportunity to further develop the business over the coming years.
This is in line with our strategy to offer selected and
differentiated semi-finished product forms and parts for our
customers, building on our core polymer offering."
Zyex had revenues of approximately GBP7m to 31 March 2016. The
business employs 22 people at its manufacturing facilities in
Gloucestershire, UK.
Enquiries:
Victrex plc:
Andrew Hanson, Head of Investor Relations & Communications +44 (0) 1253 898121
Louisa Burdett, Group Finance Director +44 (0) 1253 897700
David Hummel, Chief Executive +44 (0) 1253 897700
Teneo Blue Rubicon:
Charles Armitstead +44 (0) 207 260 2700
About Victrex:
Victrex is an innovative world leader in high-performance
polymer solutions, focussed on the strategic markets of automotive,
aerospace, energy, electronics and medical. Every day, millions of
people use products and applications which contain our materials -
from smartphones, aeroplanes and cars to oil and gas operations and
medical devices. With over 35 years' experience, we develop world
leading solutions in PEEK and PAEK-based polymers, semi-finished
and finished parts which shape future performance for our customers
and our markets, and drive value for our shareholders. Find out
more at www.victrexplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
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