London – UK polymer latex supplier Synthomer has issued a statement in response to press reports regarding a potential takeover of the company
“Following press speculation, the Board of Synthomer plc confirms it is not in discussions regarding a possible offer for the company,” said the statement issued 24 Feb.
Shares in the group had spiked by almost 10% to 510.00p since the middle of last week but reverted back to previous levels following the statement to the London Stock Exchange.
Synthomer recently upgraded its earnings forecast, citing strong trading across its main business areas, which include synthetic latex gloves, paints & coatings, construction, textiles and paper.
The London-headquartered group now expects 2020 earnings (EBITDA) of around £255 million, about 10% ahead of the guidance provided in a trading statement of 14 Oct 2020.
Synthomer is scheduled to announce full-year results on 4 March. The group reported 2019 revenues of over £1 billion and earnings (EBITDA) of more than £190 million.
With regional bases in Harlow, UK; Marl, Germany; Kuala Lumpur, Malaysia and Atlanta, the US, Synthomer employs around 4,750 people across more than 38 sites.