Industrial Growth Partners has agreed to sell Microporous Products to Polypore International Inc. (NYSE: PPO) for approximately $76 million. Microporous is a Piney Flats, Tenn.-based maker of rubber and polyethylene battery separators for the lead-acid battery industry. It expects 2008 sales of between $580 million and $605 million.
PRESS RELEASE
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. The acquisition was funded with a combination of cash, assumption of debt and borrowings under Polypore's existing credit facility.
Daramic, a global leader in the transportation and industrial battery separator market, manufactures a broad range of high-performance battery separator membranes. The acquisition of Microporous adds rubber-based battery separator technology to the Daramic product line. This acquisition broadens Polypore's participation in the deep-cycle industrial battery market (e.g. golf cart and stationary batteries), adds to the membrane technology portfolio and product breadth, enhances service to common customers and adds cost-effective production capacity.
2008 Guidance
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. These estimates are based on an assumed full-year weighted average fully diluted share count of 40.7 million shares. Additionally, the company estimates total capital expenditures of approximately $52 million in 2008.
About Polypore International, Inc.
Polypore International, Inc. is a global high technology filtration company specializing in microporous membranes. Polypore's flat sheet and hollow fiber membranes are used in specialized applications that require the removal or separation of various materials from liquids, primarily in the ultrafiltration and microfiltration markets. Based in
About Daramic, LLC
Daramic, LLC – part of Polypore's Energy Storage business segment – produces battery separator membranes used primarily in transportation and industrial applications. With the acquisition of Microporous, Daramic has nine manufacturing plants and three technical centers that serve a global customer base. See www.daramic.com. Investor Contact: Polypore Investor Relations – 704-587-8886 or investorrelations@polypore.net.
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