Share Prices & Company Research

Market News

14 Oct 2021 | 09:13

Victrex sells Magma Global to TechnipFMC

(Sharecast News) - High-performance polymers supplier Victrex said on Thursday that it had disposed of its equity interest in Magma Global to TechnipFMC. Victrex stated that it did not envisage any "material change" to its supply relationship to TechnipFMC as a result of the sale added that the two continued to work closely in support of qualification and deployment opportunities.

Chief executive Jakob Sigurdsson said: "This is good news for Victrex and is another milestone in our polymer and parts strategy to help open up new markets and revenue streams."

Sigurdsson added that he believes the acquisition of Magma by TechnipFMC represents "a significant and very tangible commitment" by the buyer to hybrid flexible pipe programmes based on the FTSE 250-listed firm's PEEK polymer and composite tape.

"With a number of certifications already in place which validate our material, we will continue to support qualification programmes accordingly. We look forward to working with TechnipFMC and having a mutually beneficial relationship which will help to drive these opportunities forward together," added Sigurdsson.

As of 0910 BST, Victrex shares were up 1.12% at 2,338.0p.
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
Continuing our Personal Service: View our Latest COVID-19 Update: 7th October 2021
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.