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.[3][4] 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.
 | |
| Company type | Private limited company |
|---|---|
| LSE: DVO | |
| Industry | Food processing |
| Founded | 1950 |
| Headquarters | Moodiesburn, Chryston, United Kingdom |
Key people | Rutger Helbing (CEO), Gerard Hoetmer (Chairman) |
| Products | Collagen sausage and cooked meat casings; collagen films and casings for the medical and cosmetics industries |
| Revenue | £241.1 million (2016)[1] |
| Owner | SARIA |
Number of employees | 2,174 (2015)[2] |
| Website | www.devro.com |
History edit
Devro was founded as a new business of Johnson & Johnson in 1950s 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.
The firm was subject to a £108 million management buyout from J&J in 1991 and was listed on the London Stock Exchange two years later. 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.
Devro sold its cellulose business in 2000 for £4.8m, which resulted in a massive exceptional loss of £54.5m.[6]
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.[7]
The company was promoted to the FTSE 250 Index on 27 August 2010 after the acquisition of Arriva by Deutsche Bahn was completed.[8]
In late 2015, Devro acquired PVI Industries, a Dutch-based collagen manufacturer, in a £10m deal.
Peter Page stepped down as Chief Executive on 28 February 2018, after almost 11 years in the position. He is widely credited in managing the company's turnaround. Peter was replaced by Rutger Helbing, the company's former Finance Director.
In November 2022, the company agreed to a £540m takeover offer by SARIA Bio-Industries AG & Co. KG.[9][10] The acquisition was completed in April 2023.[11][12]
Operations edit
Some 1,450 of Devro's 2,200 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.[13] Devro headquarters are in Moodiesburn, Scotland.
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.[13] The firm also has sales offices in Germany, Russia, Hong Kong, Japan and New Zealand.
References edit
- ^ "Final Results 2016". Devro.
- ^ "Report & Accounts 2015" (PDF).
- ^ Liew, Jonathan (4 August 2009). "Devro boosted by shortage of guts". The Daily Telegraph. Retrieved 2 September 2010.
- ^ Bolger, Andrew (3 August 2010). "Improved productivity lifts Devro's profits". Financial Times. Retrieved 2 September 2010.
- ^ Dinger, Ed (2006). "Devro plc". International Directory of Company Histories. The Gale Group. Retrieved 2 September 2010.
- ^ "Devro plc Disposes of Cellulose Business". CW Downer. Retrieved 18 March 2018.
- ^ Neuber, Kerstin (13 April 2007). "Devro says offer talks have ended". Reuters. Retrieved 2 September 2010.
- ^ "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.
- ^ "Devro acquired in £540m takeover deal". November 29, 2022. Retrieved January 5, 2024.
- ^ "Sausage-skin maker Devro agrees to £540m takeover". November 25, 2022. Retrieved January 5, 2024.
- ^ "SARIA expands portfolio with acquisition of Devro". April 14, 2023. Retrieved January 5, 2024.
- ^ "Devro plc Scheme of Arrangement Becomes Effective". April 14, 2023. Retrieved January 5, 2024.
- ^ a b "Annual Report 2014" (PDF). Devro. Retrieved 23 April 2015.