Devoto & Co. Facilitates Sale of Lymtech Scientific to Filtrona Plc. for US$45.3m
Posted on June 19, 2012 by Devoto and Co.
A leading international supplier of speciality plastic, fibre and foam products
ACQUISITION OF LYMTECH SCIENTIFIC IN POROUS TECHNOLOGIES
Filtrona plc (“Filtrona” or “the Company”) today announces that it has acquired 100% of the share capital of John R. Lyman Company and Big Blue Properties LLC (together “Lymtech Scientific”) from William Wright and an associated family trust for a cash consideration of US$45.3m, subject to customary adjustments. Lymtech Scientific has been acquired on a debt-free basis, and the transaction was funded from the Company’s existing facilities.
Based in the US, Lymtech Scientific is a manufacturer and distributor of porous speciality wiping materials used within the clean environments increasingly required by the medical, life science, electronic and industrial markets. The acquisition of Lymtech Scientific not only adds complementary technology in a growth segment to Porous Technologies, but also enhances the commercial capability of the division through the addition of a distribution selling channel.
For the year ended 30 September 2011, Lymtech Scientific generated revenue of US$28.7m and earnings before interest, depreciation and amortisation (“EBITDA”) of US$5.7m. For the year ending 30 September 2012, Lymtech Scientific’s current estimates indicate revenue in the region of US$30m and EBITDA of around US$6m. The transaction will be immediately earnings enhancing to Filtrona, and will be reported under the Company’s Porous Technologies division.
Commenting on today’s acquisition, Colin Day, Chief Executive, said:
“The acquisition of Lymtech not only extends our porous fibre manufacturing technology, but also gives us access to the attractive growth and higher value cleanroom and controlled environment wipes market. In addition, through leveraging the global commercial and operational resources of our Porous Technologies division, there is a real opportunity to expand the Lymtech business geographically into the sizeable Asian and European cleanroom wipes markets.”