Trading Update & Acquisition
Victrex PLC
05 April 2007
Thursday 5 April 2007
Victrex plc
Acquisition of Minority Stake in Japanese Joint Venture
Interim Trading Update
Victrex is pleased to announce the acquisition from Mitsui Chemicals, Inc. of
their 49% shareholding in Victrex-MC, Inc, our Japanese joint venture. As a
result, Victrex-MC, Inc., which is responsible for VICTREX(R) PEEK polymer
sales in Japan, became a wholly-owned subsidiary of Victrex plc as of 30 March
2007 and will be renamed Victrex Japan, Inc. The cash consideration paid by
Victrex plc was JPY 531.5 million (approximately £2.3m).
David Hummel, Chief Executive of Victrex plc, commented: 'This is another
milestone in Victrex's continued commitment to the Japanese market. We
appreciate the partnership and support of Mitsui Chemicals over the last nine
and half years to establish a vibrant and healthy business. Victrex Japan, Inc.
will continue to invest in personnel, products and services to support our
customers and further grow our business in Japan.'
Dr. Shigeru Isayama, Executive Officer and General Manager of the Information &
Electronics Materials Division, Performance Materials Business Sector of Mitsui
Chemicals, Inc. and former President of Victrex-MC, Inc. commented: 'Mitsui
Chemicals has enjoyed its successful collaboration with Victrex and wishes
Victrex Japan, Inc. the best for its future and that of its customers.'
Interim Trading Update
The Company announces its trading update for the six months ended 31 March 2007.
Continued sales growth has been achieved, resulting in first half sales volume
of approximately 1,285 tonnes, some 5% ahead of the strong second half of last
year (1,226 tonnes) and 15% up on the previous first half of 1,113 tonnes.
•At 240 tonnes, Asia-Pacific sales have regained momentum, up around 14%
on the second half of last year (210 tonnes) and the previous first half
(209 tonnes).
•European sales saw continued growth at 656 tonnes, 3% up on the second
half of last year (640 tonnes) and 18% up on the previous first half (556
tonnes).
•United States volume continued to grow with volume of 389 tonnes, 3%
ahead of last year's second half of 376 tonnes and 12% ahead of the previous
first half of 348 tonnes.
•Revenues of Invibio(R), the medical implant materials business, grew by
approximately 20% on last year's second half of £7.8m and by approximately
24% on the previous first half of £7.6m.
The announcement of the Company's results for the six months ended 31 March 2007
will be made on Tuesday, 5 June 2007.
-Ends-
For further information please contact:
Victrex plc 01253 897700
Michael Peacock, Finance Director
Hogarth Partnership Limited 0207 357 9477
Nick Denton / Barnaby Fry
Victrex plc is an innovative world leader in high performance materials through
the manufacture of VICTREX(R) PEEKa polymer, a high performance, easy to process
thermoplastic.
VICTREX PEEK has a unique combination of chemical, wear, electrical, hydrolysis
and temperature resistance, as well as excellent dimensional, mechanical and
chemical stability combined with inherent purity and low flammability.
End users specify VICTREX PEEK to reduce systems costs, improve part
performance, exploit greater design freedom and create a differentiated
application. VICTREX PEEK is used across a broad range of applications in
diverse markets including transport, industrial, electronics and medical.
Invibio(R), Victrex's biomaterial business, provides specialised solutions for
medical device manufacturers.
The Group's headquarters are in the UK where its manufacturing facilities are
based. This is complemented by a global network of sales, distribution and
technical centres that serve more than 30 countries worldwide.
This information is provided by RNS
The company news service from the London Stock Exchange
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