Filtrona to buy Lendell

Fri Oct 3, 2008 7:41am BST

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LONDON (Reuters) - Plastics and fibre products firm Filtrona (FLTR.L) said on Friday it is to acquire U.S. foam products company Lendell Manufacturing for $35 million (19.8 million pounds).

Michigan-based Lendell, which produces foam products for the medical, printing and cosmetics markets, has 55 percent of its business in the medical sector.

Filtrona said it would look to generate "significant synergy benefits" by using its existing manufacturing and commercial facilities to provide access globally to Lendell products within common markets, such as medical and printer systems.

"The acquisition of Lendell is in line with our strategy of focussing acquisition resources on the higher margin, higher growth-potential businesses," Chief Executive Mark Harper said in a statement.

The transaction is expected to be completed later this month subject to certain administrative conditions, said Filtrona.

(Reporting by Rhys Jones; Editing by Greg Mahlich)

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