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Filtrona Fibertec GmbH Acquires Lendell Manufacturing for $35 Million



10/6/2008 7:35:58 AM

RICHMOND, Virginia, October 3 /PRNewswire/ -- Filtrona plc ("Filtrona") today announced that it has signed an agreement to acquire the business and assets of St. Charles, Michigan based Lendell Manufacturing, Inc. ("Lendell") for US$35 million, subject to a number of conditions being met. Completion of the transaction is anticipated during October.

Lendell is a developer and manufacturer of specialized hydrophilic foam product solutions for high-value markets in the United States and Europe. Technology development and manufacturing are conducted in its 60,000 square ft facility in Saint Charles. The key markets served by Lendell include medical wound care, consumer products and cosmetics, and agricultural as well as other industrial applications.

Mark Harper, Chief Executive of Filtrona commented, "The addition of Lendell will conform well with Filtrona's strategy of becoming the premier global supplier of specialty solutions and components to consumer and professional product applications. We are excited about Lendell becoming part of the Filtrona group and the new technology it will bring to our specialty products portfolio."

Filtrona further announces that its Bonded Fiber Components division will be renamed and launched as Filtrona Porous Technologies, comprising of both Filtrona Fibertec and Lendell. Filtrona Porous Technologies will operate as a developer and manufacturer of liquid handling and other specialty, porous components based on fiber, foam, and other media for use in consumer and professional end-use devices. Filtrona's Porous Technologies Division will be headquartered in Richmond, Virginia, with offices and manufacturing locations in Richmond, Virginia, Reinbek, Germany; Ningbo, China; and now Saint Charles, Michigan. Lendell foam technology will be strategically installed in Filtrona Porous Technologies locations as required to continue to develop the business and meet customer requirements. The Filtrona Fibertec name and brand will remain to designate its bonded fiber technology products and expertise, while foam products will be marketed under the Lendell Foams brand.

Russell Rogers, President of the Filtrona Porous Technologies Division, commented, "We view the acquisition of Lendell as marking a new phase and a significant opportunity for our business and global growth strategy. Not only will customers continue to receive the quality of product and service they have come to expect of both Fibertec and Lendell, but they and the market at large will benefit from the union of foam, fiber, and other component technology know-how in providing a single source in all geographic regions for high value, component products essential to the performance demands of today's markets."

In establishing the Filtrona Porous Technologies Division, the executive management team will be joined by Tim Drumhiller, President of Lendell, bringing with him 20 years of expertise in the medical, consumer products, and cosmetics markets. Mr. Drumhiller, who will assume the position of Divisional Vice President Foam Products, commented, "Lendell has for the last 10 years been a benchmark of quality for technical foam products. Teaming up with Filtrona and helping to launch its Porous Technologies Division represents a great step for us in Saint Charles in the global expansion of our technology and market reach. We look forward to combining our resources and bringing innovative component solutions to customers and markets worldwide."

About Filtrona

Filtrona is an international, market leading specialty plastic and fiber products supplier listed on the London Stock Exchange. Filtrona derives strength from serving a wide range of customers across diverse geographies within a broad but targeted range of international markets. With its extensive flexible manufacturing and distribution capability, Filtrona is a supplier throughout the world to many international, blue chip, market leading customers.

For additional information on Filtrona please visit the Company's website at http://www.filtrona.com.

About Filtrona Porous Technologies

Filtrona Porous Technologies is a creator and manufacturer of liquid handling and other uniquely performing components that control and manipulate small quantities of fluids and vapor within consumer and industrial products. Filtrona Porous Technologies products are based on bonded fiber, technical foam and other specialty materials that employ capillary transfer science. Component products are found in end-use devices that require the precise absorption, retention, transfer, separation, or release of liquids or vapors.

For additional information on Filtrona Porous Technologies please visit http://www.filtronaporoustechnologies.com .

Web site: http://www.filtronafibertec.com http://www.filtronaporoustechnologies.com http://www.filtrona.com

Source: Filtrona plc


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