Filtrona, the supplier of speciality plastic, fibre and foam products, has bought Lymtech Scientific, a manufacturer and distributor of porous speciality wiping materials used within the clean environments.
The purchase was made for a cash consideration of $45.3m, on a debt-free basis, funded from the company's existing facilities.
The acquisition, which will be immediately earnings-enhancing, was made to both add complementary technology in a growth segment to Filtrona's Porous Technologies division, but also to enhance the commercial capability of the division through the addition of a distribution selling channel.
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For the year ended September 30th 2011, Lymtech Scientific generated revenue of $28.7m and earnings before interest, depreciation and amortisation (EBITDA) of $5.7m. For the year ending 30 September 2012, Lymtech Scientific's current estimates indicate revenue in the region of $30m and EBITDA of around $6.0m.
"In addition, through leveraging the global commercial and operational resources of our Porous Technologies division, there is a real opportunity to expand the Lymtech business geographically into the sizeable Asian and European clean-room wipes markets," claimed Colin Day, Chief Executive of Filtrona.
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