19th Apr 2007 07:02
Filtrona plc19 April 2007 Filtrona plc Acquisition Filtrona plc ("Filtrona") today announces it has signed an agreement for theacquisition of the assets and business of Chicago, Illinois based Duraco Inc. ("Duraco") for a cash consideration of $61m, payable on completion. Completion of the transaction is conditional upon clearance from the US competitionauthorities which is expected within the next 30 days. For the year ended 31 December 2006, Duraco profit before tax was $6.5m andgross assets were $10.7m. It is anticipated that the transaction will beimmediately earnings accretive for Filtrona. Duraco is a market leading manufacturer and supplier of self-adhesive foamproducts for protection and finishing applications in a broad array of servedmarkets including point of purchase products and white goods. Commenting on the acquisition, Chief Executive, Mark Harper said:- "The acquisition of Duraco fits exactly with Filtrona's growth strategy ofdeveloping the Company through a combination of organic development andacquisitions. Duraco is an important addition to the Protection and FinishingProducts activity which has already grown to become Filtrona's largest business.I would like to take this opportunity to welcome the employees of Duraco to theFiltrona team." Enquiries: Filtrona plc Tel: 01908 359100Mark Harper, Chief ExecutiveSteve Dryden, Finance Director Finsbury Tel: 020 7251 3801James LevitonGordon Simpson This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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