Acquisition

Porvair PLC 27 February 2001 FOR IMMEDIATE RELEASE 27 February 2001 PORVAIR plc ACQUISITION Porvair plc, the materials science Group, announces the acquisition of Engineered Ceramics (EC) from the Lindberg business unit of SPX Corporation. Total cost to Porvair was $5.8million. EC is a US-based manufacturer of high performance products for the molten metal and thermal processing industries and has a strong position in supplying the investment casting industry, a market in which Porvair's subsidiary Selee has a fast growing presence. EC will report through and be managed by Selee. For the year ended 31 December, profit before tax, based on EC management accounts was $0.9m and net assets were $2.7m at that date. The acquisition is expected to be earnings enhancing from completion and will be funded through existing bank facilities. Commenting on the transaction, Ben Stocks, Chief Executive of Porvair plc said: 'The acquisition of Engineered Ceramics creates scope for further growth in revenues and profitability from Selee. The combination of EC's product base, Selee's sales force and Porvair's new materials pipeline, will enable us to continue to grow in this dynamic part of our business.' For further information contact: Porvair plc Ben Stocks, Chief Executive Mark Moran, Group Finance Director Tel: 01553 761111 Buchanan Communications Tel: 020 7466 5000 Charles Ryland / Catherine Miles

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Porvair (PRV)
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