Lancashire polymer specialist wraps up £10m acquisition

Lancashire-based polymer specialist Victrex has acquired Gloucestershire company Zyex, a manufacturer of PEEK based fibres for the aerospace, automotive and industrial sectors, for £10m.

Victrex says the investment is in line with its downstream strategy and focus on selected semi-finished and differentiated products, based on PEEK and PAEK polymers.

Zyex is a well-established and profitable business with a £7m turnover and a staff of 22, based solely on PEEK products.

Beyond opportunities from existing applications, the investment will also enable Victrex to explore the potential of 3D printing within the fibres area, building on its own 3D printing consortium announced in 2016.

David Hummel, chief executive of Thornton Cleveleys company Victrex, said: “The acquisition of Zyex is compelling for Victrex, enabling us to not only drive future growth opportunities within well-aligned markets and developing application areas, but to also secure some incremental revenue today.

“Like Victrex, Zyex was formed out of ICI and the two companies coming together is a natural evolution.

“Whilst Zyex is well-established, Victrex’s global reach, innovation focus and proven track record of building new markets offers an attractive opportunity to further develop the business over the coming years. This is in line with our strategy to offer selected and differentiated semi-finished product forms and parts for our customers, building on our core polymer offering.”