Acquisition of Porextherm D?mmstoffe GmbH
PRESS RELEASE
9th June 2014
Acquisition of Porextherm Dämmstoffe GmbH heralds further growth for Morgan Advanced Materials
Morgan Advanced Materials plc (the Company) (LSE:MGAM) announces that it has signed an agreement to acquire leading insulation manufacturer Porextherm Dämmstoffe GmbH (Porextherm), adding to its broad portfolio of thermal insulation products and solutions. The agreement was entered into by Morgan Deutschland Holding GmbH, a wholly owned subsidiary of the Company; completion of the acquisition is subject to customary closing conditions, including approval from the German competition authority.
Recognised as a technical leader in the production of microporous insulation materials, with sales in 2013 of approximately €24 million, Porextherm was established in 1989 and since then has developed a wide range of WDS® high-temperature insulation and Vacuum Insulation Panel (VIP) products. Its range includes heat and vacuum sealed products which offer excellent thermal conductivity and are easy to install. Porextherm specialises in developing insulation products with the lowest possible thermal conductivity combined with superior durability and will enhance the Morgan Group's existing high performance insulating systems portfolio.
Porextherm's manufacturing facility in Kempten, Germany, is accredited to ISO 9001 and ISO 14001 standards and benefits from the latest technology to fulfil increasing international demand in markets including automotive and petrochemicals.
Commenting on the acquisition, Mark Robertshaw, CEO of Morgan Advanced Materials, said: "The addition of Porextherm to the Morgan Group enhances our existing portfolio of high-performance insulating systems, and also gives us the chance to share knowledge and processes which will lead to future product development. In line with our strategic priorities, the acquisition brings with it the opportunity to explore new markets and expand our range to benefit both new and existing customers".
Peter Stubner, Managing Director of Porextherm Dämmstoffe GmbH added: "We welcome the opportunity to become part of the Morgan Group and the benefits that being part of an international materials technology leader will bring. There will be a smooth transition for our customers and we look forward to a mutually successful future as part of the Morgan Group".
For further information on Morgan Advanced Materials, visit http://www.morganadvancedmaterials.com/.
About Morgan Advanced Materials
Morgan Advanced Materials is a global materials engineering company which designs and manufactures a wide range of high specification products with extraordinary properties, across multiple sectors and geographies.
From an extensive range of advanced materials we produce components, assemblies and systems that deliver significantly enhanced performance for our customers' products and processes. Our engineered solutions are produced to very high tolerances and many are designed for use in extreme environments.
The Company thrives on breakthrough innovation. Our materials scientists and applications engineers work in close collaboration with customers to create outstanding, highly differentiated products that perform more efficiently, more reliably and for longer.
Morgan Advanced Materials has a global presence with more than 9,000 employees across 50 countries serving specialist markets in the energy, transport, healthcare, electronics, security and defence, petrochemical and industrial sectors. It is listed on the London Stock Exchange in the engineering sector (ticker MGAM).
For more information on Morgan Advanced Materials visit www.morganadvancedmaterials.com
Contact:
Nina Coad / Alison Kay
Brunswick Group LLP
Tel: 020 7404 5959
Email: morgan@brunswickgroup.com
This information is provided by RNS
Latest directors dealings
- 10 hours ago Luceco
- 10 hours ago Helios Towers
- 11 hours ago Wise Class A
- 11 hours ago EDX Medical Group Plc
- 11 hours ago Naked Wines