UK-based speciality chemicals supplier Yule Catto will hold an extraordinary general meeting on 4 December 2012 to seek shareholder approval to change the group’s name to Synthomer. Over the last five years, the group has been transformed from a small, diversified chemical business, of which Yule Catto was the holding company, to a much larger, focused speciality polymer business. The group trades under the name Synthomer across the majority of its business, hence the proposed name change.
In 2011, the group acquired Polymer Latex and united all of its polymer activities under the existing brand name Synthomer. The acquisition of Polymer Latex created an emulsion polymers group with a combined turnover in excess of EUR .4 billion and almost doubled the size of the former Synthomer operations. Today more than 1,900 people work for Synthomer across 33 production units in 11 countries and at its commercial centres in the UK, Germany, Italy, Finland, USA, Dubai, South Africa, Malaysia and China.
In terms of its performance, despite the challenging macro-economic conditions, particularly in Europe, the group’s profit to date remains well ahead of prior year. “This has been achieved notwithstanding year to date volumes down 10%, and an adverse translation impact of £4.5 million in the first nine months of the year due to the weaker Euro,” the firm.
In Asia and ROW, the non-nitrile businesses continued the positive momentum achieved in the first half. “We continue to make strong progress with synergy delivery from the PolymerLatex acquisition, and remain firmly on track to realise £19 million of synergies in the current year, a year on year improvement of £16 million. The group continues to expect to deliver the total £25 million of targeted annual synergies by March 2013,” it said in a press release.
The group’s financial position remains robust with net debt at the end of September at £160 million, down from £174 million at the half year. (RJA)