Luxfer set for multi-million US IPO
LUXFER Holdings, the high performance materials manufacturer headquartered in Salford Quays is set to float on the New York Stock Exchange.
According to Reuters the company has filed documents with US authorities and is looking to raise up to $185.4m in an initial public offering.
In a filing with the U.S. Securities and Exchange Commission, the company said it plans to offer up to 10.8 million American Depositary Shares (ADS) priced at $13-$15 a share. The company will be listed on the New York Stock Exchange under the symbol ‘LXFR.’
Reutuers said Jefferies, Credit Suisse, KeyBanc Capital Markets and Dahlman Rose & Co are underwriting the offering.
The company, whose materials are used in environmental technology, healthcare, safety and others, intends to use the IPO proceeds partly to repay debt and contribute towards the purchase of insurance for its pension plans.
Luxfer, led by chief executive Brian Purves, completed a £110m refinancing earlier this year.
It employs around 1,440 people in 26 countries. It operates 16 manufacturing plants in six countries, UK, USA, France, Czech Republic, Canada and China, plus joint ventures in Japan and India
Turnover for 2010 was £261.2m, up from £236m, with pre-tax profits of £38.7m, up from £26.8m.
