Devro to swallow Dutch rival for up to €13.5m

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Sausage skin maker Devro has struck a deal to buy Dutch firm PV Industries (PVI) for up to €13.5 million (£9.7m).

The Moodiesburn-based firm said PVI, a maker of collagen gel products for the meat processing industry, offers it access to “a strong technical skills base together with an innovative and developing product portfolio”.

Devro is paying about €12.5m for the company – which made an underlying profit of €1.3m on sales of €6.3m last year – with a possible additional payment of up to €1m under an earn-out arrangement.

Finance director Simon Webb said: “This acquisition supports Devro’s strategy by growing sales of collagen products through product differentiation and enhancing value for customers.

“It will strengthen our presence in Europe, extending our product knowledge and technical expertise in a specialist sector.”