Milton Keynes-based speciality plastic and fibre products supplier Filtrona has signed an agreement to acquire the business and assets of St Charles, Michigan-based Lendell Manufacturing for $35m (£20m).
Lendell is a producer of speciality hydrophilic foam products for the medical, printing systems and personal care (cosmetics) markets and is complementary with Filtrona’s Bonded Fibre Components division.
Approximately 55 per cent of Lendell’s business is to the medical sector, primarily wound-care components and other foam applications, complementing the existing position held by Filtrona’s Bonded Fibre Components division in medical diagnostic components.
The acquisition is consistent with Filtrona’s strategy of focusing its resources on the higher margin, higher growth potential areas of its business. As a result of this acquisition, the Bonded Fibre Components division is being renamed the Porous Technologies division and will include Lendell and Filtrona’s existing Fibertec business.
Completion of the transaction is subject to certain administrative conditions and is expected later in October.