(RTTNews) - Monday, Polypore International, Inc.
(PPO) announced that through its subsidiaries, Daramic, LLC and Daramic Acquisition Corporation, the company acquired Microporous Holding Corporation, the parent company of Microporous Products L.P., from Industrial Growth Partners II L.P. and other stockholders for approximately $76 million.
The Charlotte, North Carolina headquartered Polypore said that the acquisition was funded by a combination of cash, assumption of debt and borrowings under Polypore's existing credit facility.
Polypore, manufacturers of high-performance battery separator membranes, added that with the acquisition of Microporous, Daramic, LLC, now had nine manufacturing plants and three technical centers that serve a global customer base.
Polypore also said that the acquisition would add rubber-based battery separator technology to the Daramic product line and would aid Polypore's expansion in the deep-cycle industrial battery market.
FY08 guidance
Looking ahead, Polypore said that as a result of the Microporous acquisition, it has revised up its business outlook for fiscal 2008. It increased its earnings per share outlook for 2008 to between $0.90 and $1.01 from the $0.86 to $0.96 range projected earlier.
The company raised its guidance for net sales for fiscal 2008 to the $580 - $605 million range from the earlier projected range of $545 - $565 million. Analysts are looking for earnings of $0.90 per share on revenue of $556.20 million.
Polypore said that for fiscal 2008, it now expects adjusted EBITDA between $170 million and $178 million, up from the earlier guided range of $163 - $169 million.
In February, Polypore had reported its fourth quarter results. It had swung to fourth quarter net income of $14.1 million, or $0.35 a share from a net loss of $2.7 million, or $0.11 a share in the comparable quarter in 2006. Quarterly sales were $145.1 million, up 16% from $124.9 million in the comparable period in 2006.
Polypore closed Friday's regular trading session at $17.97, on a volume of 110,400 shares.
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