14th Oct 2021 10:41
Victrex PLC - ​​Lancashire-based polymers company with a focus on sustainability - Says TechnipFMC PLC, subsea fields oil and gas company, buys Victrex's equity interest in Magma Global Ltd, an oil field equipment supplier. TechnipFMC now fully owns Magma, while Victrex plans to "work closely in support of qualification and deployment opportunities in Brazil and elsewhere". Victrex says its supply relationship with Houston-based TechnipFMC is unlikely to materially change, and the sale may help open new markets and revenue streams.
"We believe the acquisition by TechnipFMC of Magma represents a significant and very tangible commitment by TechnipFMC to hybrid flexible pipe programmes, which are based on Victrex PEEK polymer and composite tape," says Victrex Chief Executive Jakob Sigurdsson.
Victrex in July warned of headwinds for its 2022 financial year, particularly currency movements, increasing raw material prices, an anticipated uplift in innovation spend to support its long-term growth pipeline, and some costs associated with commissioning its China manufacturing facility.
Current stock price: 2,320.00 pence
Year-to-date change: down 1.1%
By Josie O'Brien; [email protected]
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