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New chief executive at Whatman
FILTRATION INDUSTRY ANALYST FEBRUARY 2007 ISSN 1365-6937 www.filtsep.com
BUSINESS NEWS FOR THE FILTRATION AND SEPARATION INDUSTRIES
NEWS
AHLSTROM BUYS FABRIANO FILTER MEDIA Ahlstrom Corp has signed an agreement to acquire Fabriano Filter Media SpA, based in Sassoferrato, in central Italy, for 7 million. Fabriano manufactures microglass filter media, serving mainly the high efficiency air filtration market. The transaction complements Ahlstrom’s air filtration portfolio, increasing the medium efficiency product offering and gives the company access to the growing markets for high efficiency products. According to Ahlstrom, the market for microglass filter media is growing at a rate of 5% annually. The acquisition includes one manufacturing plant with net sales of approximately 7 million and 32 employees. The acquired business will be closely integrated with Ahlstrom’s current Italian operations in Turin. The transaction is expected to close at the beginning of Ahlstrom’s second quarter. Commenting on the acquisition, Ahlstrom’s president and chief executive officer (CEO) Jukka Moisio said: “This deal continues Ahl-
strom’s path to develop our global filtration business with an important technology that we have been lacking.” Daniele Borlatto, vice president, Ahlstrom Filtration Europe, believes that the addition of microglass filter media capability perfectly complements Ahlstrom’s current technology portfolio in filtration. “We have been seeking to develop and complete a comprehensive product offering including all efficiency levels and this acquisition offers us a good platform to grow the high efficiency business,” said Borlatto. Ahlstrom’s Filtration business area currently has 12 production sites worldwide.
COMMENT With the acquisition of Fabriano’s filter media business, Ahlstrom has strategically extended its technology reach for the air filtration industry. Ahlstrom already has a strong filtration presence in Italy and this should facilitate the smooth integration of the acquisition. ■
NEW CHIEF EXECUTIVE AT WHATMAN
PORVAIR ACQUIRES OMNIFILTER
Kieran Murphy, 43, has been appointed as chief executive of Whatman plc with immediate effect, replacing Bill Emhiser who has left the company. Murphy has been CEO of Innovata plc since March 2005 where he led the turnaround of the company, leading to more than a doubling of its share price and its eventual merger with Vectura plc. Before becoming CEO of Innovata, he was chief executive of Adprotech Ltd, a privately-owned UK biotech company, acquired by Inflazyme Pharmaceuticals Inc in 2004 and before that he was CEO of Novartis Animal Vaccines, where he led a merger and acquisitions strategy to build a food animal vaccines business. “Whatman is currently underperforming and it is disappointing to report that the company has missed successive sales growth targets during 2006. Although the board is conscious of the number of senior management changes at Whatman in recent years, it is determined to put in place a management team that can deliver the sales and profit growth of which it is convinced the company is capable,” said Whatman chairman Bob Thian.
Porvair has acquired the business and assets of OmniFilter and Manufacturing Inc, based in Richmond, Virginia. OmniFilter is a specialist filtration company that serves a range of industrial markets with bespoke filters and sintered metal filtration media. The business is profitable and in 2006 generated sales of US$2 million. The cash acquisition is expected to be immediately earnings enhancing. The gross assets acquired excluding goodwill are approximately US$0.6 million. “We are pleased to be adding Omni to our specialist filtration portfolio. It will join the Microfiltration division, which has grown its sales into the US in recent years. Omni will give us a base from which to accelerate that growth, particularly in the current climate of dollar weakness. We also expect to develop sales of Omni’s metal media using our international sales presence,” said Ben Stocks, chief executive of Porvair. OmniFilter’s product range is complementary to that of the Porvair Filtration Group (PFG), of which it will become a part. Its US location will help PFG with its transAtlantic customer base, which has been growing for the last few years.
CONTENTS COMPANY PROFILE 9–10 COMPANY WATCH 11–13 DIARY 15 DIVIDENDS 8 EXCHANGE RATES 16 FEATURE 4–5 FINANCIAL CALENDAR 14 IN BRIEF 3,6,7 NEWS 1,2,3,16 NPD 14 OPINION 6 ORDERS 8 PEOPLE 7 STOCK WATCH 15 ISSN 1365-6937/07 © 2007 Elsevier Ltd. All rights reserved. This journal and the individual contributions contained in it are protected under copyright by Elsevier Ltd, and the following terms and conditions apply to their use: Photocopying Single photocopies of single articles may be made for personal use as allowed by national copyright laws. Permission of the publisher and payment of a fee is required for all other photocopying, including multiple or systematic copying, copying for advertising or promotional purposes, resale, and all forms of document delivery. Special rates are available for educational institutions that wish to make photocopies for non-profit educational classroom use.
BUSINESS NEWS FOR THE FILTRATION AND SEPARATION INDUSTRIES
NEWS
AHLSTROM BUYS FABRIANO FILTER MEDIA Ahlstrom Corp has signed an agreement to acquire Fabriano Filter Media SpA, based in Sassoferrato, in central Italy, for 7 million. Fabriano manufactures microglass filter media, serving mainly the high efficiency air filtration market. The transaction complements Ahlstrom’s air filtration portfolio, increasing the medium efficiency product offering and gives the company access to the growing markets for high efficiency products. According to Ahlstrom, the market for microglass filter media is growing at a rate of 5% annually. The acquisition includes one manufacturing plant with net sales of approximately 7 million and 32 employees. The acquired business will be closely integrated with Ahlstrom’s current Italian operations in Turin. The transaction is expected to close at the beginning of Ahlstrom’s second quarter. Commenting on the acquisition, Ahlstrom’s president and chief executive officer (CEO) Jukka Moisio said: “This deal continues Ahl-
strom’s path to develop our global filtration business with an important technology that we have been lacking.” Daniele Borlatto, vice president, Ahlstrom Filtration Europe, believes that the addition of microglass filter media capability perfectly complements Ahlstrom’s current technology portfolio in filtration. “We have been seeking to develop and complete a comprehensive product offering including all efficiency levels and this acquisition offers us a good platform to grow the high efficiency business,” said Borlatto. Ahlstrom’s Filtration business area currently has 12 production sites worldwide.
COMMENT With the acquisition of Fabriano’s filter media business, Ahlstrom has strategically extended its technology reach for the air filtration industry. Ahlstrom already has a strong filtration presence in Italy and this should facilitate the smooth integration of the acquisition. ■
NEW CHIEF EXECUTIVE AT WHATMAN
PORVAIR ACQUIRES OMNIFILTER
Kieran Murphy, 43, has been appointed as chief executive of Whatman plc with immediate effect, replacing Bill Emhiser who has left the company. Murphy has been CEO of Innovata plc since March 2005 where he led the turnaround of the company, leading to more than a doubling of its share price and its eventual merger with Vectura plc. Before becoming CEO of Innovata, he was chief executive of Adprotech Ltd, a privately-owned UK biotech company, acquired by Inflazyme Pharmaceuticals Inc in 2004 and before that he was CEO of Novartis Animal Vaccines, where he led a merger and acquisitions strategy to build a food animal vaccines business. “Whatman is currently underperforming and it is disappointing to report that the company has missed successive sales growth targets during 2006. Although the board is conscious of the number of senior management changes at Whatman in recent years, it is determined to put in place a management team that can deliver the sales and profit growth of which it is convinced the company is capable,” said Whatman chairman Bob Thian.
Porvair has acquired the business and assets of OmniFilter and Manufacturing Inc, based in Richmond, Virginia. OmniFilter is a specialist filtration company that serves a range of industrial markets with bespoke filters and sintered metal filtration media. The business is profitable and in 2006 generated sales of US$2 million. The cash acquisition is expected to be immediately earnings enhancing. The gross assets acquired excluding goodwill are approximately US$0.6 million. “We are pleased to be adding Omni to our specialist filtration portfolio. It will join the Microfiltration division, which has grown its sales into the US in recent years. Omni will give us a base from which to accelerate that growth, particularly in the current climate of dollar weakness. We also expect to develop sales of Omni’s metal media using our international sales presence,” said Ben Stocks, chief executive of Porvair. OmniFilter’s product range is complementary to that of the Porvair Filtration Group (PFG), of which it will become a part. Its US location will help PFG with its transAtlantic customer base, which has been growing for the last few years.
CONTENTS COMPANY PROFILE 9–10 COMPANY WATCH 11–13 DIARY 15 DIVIDENDS 8 EXCHANGE RATES 16 FEATURE 4–5 FINANCIAL CALENDAR 14 IN BRIEF 3,6,7 NEWS 1,2,3,16 NPD 14 OPINION 6 ORDERS 8 PEOPLE 7 STOCK WATCH 15 ISSN 1365-6937/07 © 2007 Elsevier Ltd. All rights reserved. This journal and the individual contributions contained in it are protected under copyright by Elsevier Ltd, and the following terms and conditions apply to their use: Photocopying Single photocopies of single articles may be made for personal use as allowed by national copyright laws. Permission of the publisher and payment of a fee is required for all other photocopying, including multiple or systematic copying, copying for advertising or promotional purposes, resale, and all forms of document delivery. Special rates are available for educational institutions that wish to make photocopies for non-profit educational classroom use.