ERJ staff report (DS)
London - Speciality Chemicals supplier Yule Catto is to change its name to Synthomer plc. The announcement coincided with the release of the company's Q3 results.
The company said its nitrile latex business reported higher profits despite a 10-percent reduction in volumes in the first nine months. Outside the nitrile business the company said results were as expected and in line with previous years.
In a trading statement, Yule Catto said, â€œOver the last 5 years the Group has been transformed from a small, diversified
chemical business, of which Yule Catto was the holding company, to a much larger,
focussed speciality polymer business. The Group trades under the name Synthomer
across the majority of its business, and the Board has therefore decided that now is
an appropriate time to reflect this in the Group's name.â€
The statement continued, â€œWe continue to make strong progress with synergy delivery from the PolymerLatex
acquisition, and remain firmly on track to realise Â£19 million of synergies in the
current year, a year on year improvement of Â£16 million. The Group continues to
expect to deliver the total Â£25 million of targeted annual synergies by March 2013.â€
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Press release from Yule Catto