Victrex PLC TechnipFMC to acquire Victrex's Magma equity (0179P)

TIDMVCT

RNS Number : 0179P

Victrex PLC

14 October 2021

14 October 2021

Victrex plc

TechnipFMC acquires Victrex's equity interest in Magma Global Limited

Victrex plc, an innovative world leader in high performance polymer solutions, delivering sustainable products which support CO2 reduction and bring environmental and societal benefit, today notes the announcement made by TechnipFMC, in relation to its purchase of the outstanding issued share capital in Magma Global Limited, to complete the full acquisition of Magma.

As part of TechnipFMC's agreement, Victrex's equity interest in Magma Global Limited has been fully acquired .

The Group does not envisage any material change to the supply relationship to TechnipFMC and continues to work closely in support of qualification and deployment opportunities in Brazil and elsewhere.

Jakob Sigurdsson, Chief Executive of Victrex, said: "This is good news for Victrex and is another milestone in our Polymer & Parts strategy to help open up new markets and revenue streams.

"We believe the acquisition by TechnipFMC of Magma represents a significant and very tangible commitment by TechnipFMC to Hybrid Flexible Pipe programmes which are based on Victrex PEEK polymer and composite tape. As Technip FMC indicate, this technology is focused on the traditional oil & gas sector, as well as being an enabler in emerging opportunities such as carbon capture & storage systems and hydrogen transportation.

"With a number of certifications already in place which validate our material, we will continue to support qualification programmes accordingly. We look forward to working with TechnipFMC and having a mutually beneficial relationship which will help to drive these opportunities forward together."

Justin Rounce, Executive Vice President and Chief Technology Officer at TechnipFMC, said: "We are pleased to welcome Magma into the TechnipFMC family and to continue driving change in the existing energy and new energy industries. We look forward to continuing our close collaboration with Victrex, whose PEEK materials are an integral part of our corrosive-resistant solutions."

Enquiries:

Victrex plc:

   Andrew Hanson, Director of Investor Relations & Corporate Communications        [phone] 

[phone]

Jakob Sigurdsson, Chief Executive [phone]

Richard Armitage, Chief Financial Officer [phone]

About Victrex:

Victrex is an innovative world leader in high performance polymer solutions, focused on the strategic markets of Automotive, Aerospace, Energy, Electronics and Medical. Every day, millions of people rely on products or applications which contain our sustainable materials, from smartphones, aeroplanes and cars to oil & gas operations and medical devices. With over 40 years' experience, we are moving beyond the polymer into semi-finished and finished products which shape future performance for our customers and our markets, provide environmental and societal benefit for customers and drive value for our shareholders. Find out more at www.victrexplc.com

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October 14, 2021 02:00 ET (06:00 GMT)