Devro, the food casing manufacturer based at Moodiesburn near Glasgow, has made a £9million acquisition in the Netherlands.
It has agreed to acquire the entire share capital of PV Industries, a leading manufacturer of high quality collagen gel products for the meat processing industry. Devro says the deal will give it access to a strong technical skills base together with an innovative and developing product portfolio. It will pay €12.5m for the company on a debt-free basis, with a possible additional payment of up to €1m under an earn-out arrangement. In 2014, PVI made net earnings of €1.3m on sales of €6.3m. Simon Webb, finance director, said: "This acquisition supports Devro's strategy by growing sales of collagen products through product differentiation and enhancing value for customers. It will strengthen our presence in Europe, extending our product knowledge and technical expertise in a specialist sector."
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