Polypore Announces Settlement and License Agreement With Sumitomo Chemical
December 27 2013 - 4:01PM
Polypore International, Inc. (NYSE:PPO) and Sumitomo Chemical Co.,
Ltd. have entered into a Settlement and License Agreement which
ends all outstanding worldwide litigation between the two companies
related to Polypore's intellectual property rights on battery
separator coating. Under the License Agreement, Sumitomo Chemical
has licensed Polypore's intellectual property related to coating
separators for lithium-ion batteries. The financial terms of the
Agreement include an up-front payment to Polypore as well as
recurring royalties.
"This agreement confirms the integrity of our intellectual
property around ceramic coating of separators for lithium-ion
batteries. In addition to the financial consideration of the
licensing arrangement, we are pleased that this agreement
establishes the opportunity for Polypore and Sumitomo to work
together to address growing market needs, which we expect to
benefit both companies," said Robert Toth, President and Chief
Executive Officer of Polypore. "As interest in coated separator
solutions continues to grow, we believe that the combined strength
of our intellectual property, Sumitomo's technical expertise in
coating and the exceptional performance characteristics of our
separator material create an attractive solution for meeting the
growth needs of existing and future customers."
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 nine countries serving six
continents. See www.polypore.net.
Forward-Looking Statements
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 not materializing
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
Investor Relations
Paul Clegg
(704) 587-8886
investorrelations@polypore.net