TechnipFMC buys Victrex’s stake in Magma Global; Victrex CFO stands down to join Morgan Advanced Mat

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TechnipFMC said it has bought Victrex PLC (LSE:VCT)’s stake in Magma Global Ltd, thereby completing its full acquisition of Magma.


Meanwhile, Victrex announced that its chief financial officer Richard Armitage is stepping down at the end of May next year in order to join Morgan Advanced Materials plc (LSE:MGAM) as CFO.


Victrex also said its trading for the year to 30 September 2021 was in line with expectations.


In a statement, Victrex said it does not expect any material change to its supply relationship with TechnipFMC as a result of the Magma Global deal and that it continues to work closely in support of qualification and deployment opportunities in Brazil and elsewhere.


Jakob Sigurdsson, chief executive of Victrex, said: “This is good news for Victrex and is another milestone in our Polymer & Parts strategy to help open up new markets and revenue streams.


“We believe the acquisition by TechnipFMC of Magma represents a significant and very tangible commitment by TechnipFMC to Hybrid Flexible Pipe programmes which are based on Victrex 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. “


Justin Rounce, executive vice president and chief technology officer at TechnipFMC, said: “We are pleased to welcome Magma into the TechnipFMC family and to continue driving change in the existing energy and new energy industries.


“We look forward to continuing our close collaboration with Victrex, whose PEEK materials are an integral part of our corrosive-resistant solutions.”


Victrex said it will start searching for a new CFO shortly.


“I would like to thank Richard for his contribution over the last three and a half years. We have retained a strong financial footing for the business, with a robust balance sheet, strong cash generation, an ability to invest and underpin our future growth, as well as the ability to deliver attractive shareholder returns,” said Sigurdsson.


At Morgan Advanced Materials, Armitage will succeed Peter Turner, who is retirimg.


Commenting on the appointment, Morgan Advanced Materials CEO Pete Raby said:


“I look forward to working with Richard, who brings great experience and will be a strong addition to our team. He joins us at an important time as the impact of our strategy starts to show in our financial performance with faster growth and expanded margins and he will be instrumental in helping us to deliver.”


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