Devro

Last updated
Devro plc
Company type Private limited company
LSE: DVO
Industry Food processing
Founded1950
Headquarters Moodiesburn, Chryston, United Kingdom
Key people
Gerard Hoetmer (Chairman)
Rutger Helbing (CEO)
Products Collagen sausage and cooked meat casings; collagen films and casings for the medical and cosmetics industries
RevenueIncrease2.svg £252.4 million (2021) [1]
Increase2.svg £42.7 million (2021) [1]
Increase2.svg £31.1 million (2021) [1]
Owner SARIA
Website www.devro.com

Devro plc is a multinational company with a registered office in Moodiesburn, Chryston, United Kingdom which manufactures and distributes goods derived from collagen, principally Sausage casings, a product in which it is the world leader. [2] [3] The firm also produces films, casings, and other specialised collagen products for use in the healthcare and cosmetics industries. The company was acquired by SARIA in 2023.

Contents

History

Devro was founded as a new business of Johnson & Johnson in 1960 after its researchers developed a material suitable for the manufacture of sausage casings from collagen. The business name was devised as an acronym of "Development and Research Organisation", the Johnson & Johnson unit from which it emerged. [4]

The firm was subject to a £108 million management buyout from Johnson & Johnson in 1991 and was listed on the London Stock Exchange two years later. [4]

In 1996 it acquired the American firm Teepak International for US$135 million, including its majority stake in the Czech company Cutisin. [5] The Czech unit was fully acquired in 2004. [6]

Devro sold its cellulose business in 2000 for £4.8m, which resulted in a massive exceptional loss of £54.5m. [7]

In early 2007 Devro engaged in talks with an undisclosed suitor, rumoured to be its then-largest shareholder Acomita Investment (a vehicle controlled by John Magnier), over a takeover of the company. The talks were however terminated after an agreement could not be reached on issues relating to its pension scheme. [8]

The company was promoted to the FTSE 250 Index on 27 August 2010 after the acquisition of Arriva by Deutsche Bahn was completed. [9]

In late 2015, Devro acquired PVI Industries, a Dutch-based collagen manufacturer, in a £10m deal. [10]

Peter Page stepped down as Chief Executive on 28 February 2018, after almost 11 years in the position. He was replaced by Rutger Helbing, the company's former Finance Director. [11]

In November 2022, the company agreed to a £540m takeover offer by SARIA Bio-Industries AG & Co. KG. [12] [13] The acquisition was completed in April 2023. [14] [15]

Operations

Devro HQ's manufacturing area at night Devrostock.JPG
Devro HQ's manufacturing area at night

The majority of the company's employees are based in Europe, with the majority of these at manufacturing and research and development facilities in Jilemnice and Slavkov in the Czech Republic. [16]

The company's largest manufacturing site by volume is also the newest, in Nantong, China, other manufacturing and technical plants are located in Jilemnice, Czech republic, Sandy Run, South Carolina in the United States and Bathurst, New South Wales in Australia. [16]

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References

  1. 1 2 3 "Annual Report 2021" (PDF). Devro. Retrieved 25 August 2024.
  2. ↑ Liew, Jonathan (4 August 2009). "Devro boosted by shortage of guts". The Daily Telegraph . Retrieved 2 September 2010.
  3. ↑ Bolger, Andrew (3 August 2010). "Improved productivity lifts Devro's profits". Financial Times . Retrieved 2 September 2010.
  4. 1 2 "Judgment Day: Should you buy shares in Devro?". The Times. 14 November 2004. Retrieved 25 August 2024.
  5. ↑ Dinger, Ed (2006). "Devro plc". International Directory of Company Histories. The Gale Group . Retrieved 2 September 2010.
  6. ↑ "Devro completes Czech acquisition". The Herald. 7 January 2004. Retrieved 25 August 2024.
  7. ↑ "Devro plc Disposes of Cellulose Business". CW Downer. Retrieved 18 March 2018.
  8. ↑ Neuber, Kerstin (13 April 2007). "Devro says offer talks have ended". Reuters. Archived from the original on July 16, 2012. Retrieved 2 September 2010.
  9. ↑ "Arriva PLC (UK): Scheme of Arrangement - Changes In FTSE Indices". FTSE Group. 24 August 2010. Archived from the original on 14 June 2011. Retrieved 2 September 2010.
  10. ↑ "Devro to buy PV Industries B.V. for about 12.5 mln euros". Reuters. 10 July 2015. Retrieved 25 August 2024.
  11. ↑ "Exit of chief who put sizzle into Devro". The Times. 12 December 2017. Retrieved 25 August 2024.
  12. ↑ "Devro acquired in £540m takeover deal". November 29, 2022. Retrieved January 5, 2024.
  13. ↑ "Sausage-skin maker Devro agrees to £540m takeover". November 25, 2022. Retrieved January 5, 2024.
  14. ↑ "SARIA expands portfolio with acquisition of Devro". April 14, 2023. Retrieved January 5, 2024.
  15. ↑ "Devro plc Scheme of Arrangement Becomes Effective". April 14, 2023. Retrieved January 5, 2024.
  16. 1 2 "Annual Report 2014" (PDF). Devro. Retrieved 23 April 2015.
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