Polypore Files Application to Sell Microporous Business
September 26 2013 - 4:01PM
Polypore International, Inc. (NYSE:PPO) announced today that it has
filed an application with the Federal Trade Commission (FTC) to
sell its lead-acid battery separator facilities in Piney Flats, TN,
and Feistritz, Austria (the "Microporous Business") to Seven Mile
Capital Partners II, LP. Polypore is pursuing the sale in
compliance with the divestiture provisions of the FTC's Order in
the Matter of Polypore International, Inc. The sale is subject to
Federal Trade Commission approval and is expected to close in the
fourth quarter of 2013.
Polypore will continue to own and operate the Microporous
Business until the divestiture is completed. Effective
June 24, 2013, the assets and liabilities of the Microporous
Business have been classified as held for sale and have been
aggregated and reported as discontinued operations in Polypore's
financial results filed with the Securities and Exchange
Commission.
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 Charlotte, NC, Polypore
International, Inc. is a market leader with manufacturing
facilities or sales offices in ten countries serving six
continents. See www.polypore.net.
Forward-Looking Statement
This release contains statements that are forward-looking in
nature. Statements that are predictive in nature, that depend upon
or refer to future events or conditions or that include words such
as "expects," "anticipates," "intends," "plans," "believes,"
"estimates," and similar expressions are forward-looking
statements. These statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results
and performance to be materially different from any future results
or performance expressed or implied by these forward-looking
statements. These factors include the following: the highly
competitive nature of the markets in which we sell our products;
the failure to continue to develop innovative products; the loss of
our customers; the vertical integration by our customers of the
production of our products into their own manufacturing process;
increases in prices for raw materials or the loss of key supplier
contracts; our substantial indebtedness; interest rate risk related
to our variable rate indebtedness; our inability to generate cash;
restrictions related to the senior secured credit agreement;
employee slowdowns, strikes or similar actions; product liability
claims exposure; risks in connection with our operations outside
the United States, including compliance with applicable
anti-corruption laws; the incurrence of substantial costs to comply
with, or as a result of violations of, or liabilities under,
environmental laws; the failure to protect our intellectual
property; the loss of senior management; the incurrence of
additional debt, contingent liabilities and expenses in connection
with future acquisitions; the failure to effectively integrate
newly acquired operations; lithium market demand does not
materialize as anticipated; the absence of expected returns from
the intangible assets we have recorded; the adverse impact from
legal proceedings on our financial condition; and natural
disasters, epidemics, terrorist acts and other events beyond our
control. Additional information concerning these and other
important factors can be found in Item 1A. "Risk Factors" of our
most recent Annual Report on Form 10-K and subsequent reports filed
with the Securities and Exchange Commission. Such forward-looking
statements speak only as of the date of this press release.
Polypore expressly disclaims any obligation to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in Polypore's expectations with regard
thereto or change in events, conditions or circumstances on which
any statement is based.
CONTACT: Polypore International, Inc.
Corporate Communications
Beth Kitteringham
(704) 587-8596
polycorpcom@polypore.net