Polypore Announces Long-Term Lithium Separator Supply Agreement With Panasonic
May 08 2014 - 4:06PM
Polypore International, Inc. (NYSE:PPO) today announced that its
Celgard subsidiary and Panasonic Automotive and Industrial Systems
Division ("Panasonic") have entered into a long-term supply
agreement under which Panasonic will purchase Celgard® brand
separators to be used in its large-format electric drive vehicle
lithium-ion batteries. This long-term agreement includes guaranteed
purchase and supply volume requirements and a five-year term.
"After working closely together with Panasonic for many years,
we are pleased to formalize our partnership with them. This
agreement highlights the value of our capacity investments and our
proven industry-leading products and technology, while providing
certainty of supply to meet our customers' needs in this growing
application space," said Robert B. Toth, President and Chief
Executive Officer of Polypore. "Panasonic is a leader in battery
technology and is well positioned to grow as new vehicle models
continue to be introduced to the market."
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, N.C., 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 processes;
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 contained in our 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; and natural disasters, epidemics,
terrorist acts and other events beyond our control. Additional
information concerning these and other important factors can be
found in the "Risk Factors" section 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.
Investor Relations
Paul Clegg
(704) 587-8886
investorrelations@polypore.net