Polypore International (PPO) to Acquire Microporous Holding; Raises FY08 Guidance
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Polypore International, Inc. (NYSE: PPO) announced that through its subsidiaries, Daramic, LLC and Daramic Acquisition Corporation (Daramic), the company has purchased 100% of the stock of Microporous Holding Corporation, the parent company of Microporous Products L.P. (Microporous), from Industrial Growth Partners II L.P. and other stockholders for total consideration of approximately $76 million.
As a result of its acquisition of Microporous, Polypore has increased its financial guidance for fiscal 2008. For the year ending January 3, 2009, Polypore now expects to achieve net sales of $580 million to $605 million, Adjusted EBITDA of $170 million to $178 million and earnings per diluted share in the range of $0.90 to $1.01. (FY08 revenue consensus is $556.20 million and EPS consensus is $0.90)
Polypore International, Inc. (Polypore International) is high-technology filtration company that develops, manufactures and markets specialized microporous membranes used in separation and filtration processes.
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