Devro
{{Short description|UK-based manufacturing company}}
{{Infobox company
| name = Devro plc
| logo = Devro logo.svg
| type = Private limited company
| traded_as = {{LSE was|DVO}}
| foundation = 1950
| location = Moodiesburn, Chryston, United Kingdom
| key_people = Gerard Hoetmer (Chairman)
Rutger Helbing (CEO)
| industry = Food processing
| owner = SARIA
| products = Collagen sausage and cooked meat casings; collagen films and casings for the medical and cosmetics industries
| revenue = {{increase}} £252.4 million (2021){{cite web|url=https://www.devro.com/media/1580/devro-ar21-full-aw-web.pdf|title=Annual Report 2021|publisher=Devro| access-date=25 August 2024}}
| operating_income = {{increase}} £42.7 million (2021)
| net_income = {{increase}} £31.1 million (2021)
| num_employees =
| homepage = [http://www.devro.com/ 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.{{cite news|last=Liew|first=Jonathan|title=Devro boosted by shortage of guts|url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/5972375/Devro-boosted-by-shortage-of-guts.html|accessdate=2 September 2010|newspaper=The Daily Telegraph|date=4 August 2009}}{{cite news|last=Bolger|first=Andrew|title=Improved productivity lifts Devro’s profits|url=http://www.ft.com/cms/s/0/09e70b42-9eec-11df-931a-00144feabdc0.html|accessdate=2 September 2010|newspaper=Financial Times|date=3 August 2010}} 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.
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.{{cite news|url=https://www.thetimes.com/article/judgment-day-should-you-buy-shares-in-devro-2krzs9n75mq|title=Judgment Day: Should you buy shares in Devro?|newspaper=The Times|date=14 November 2004|access-date=25 August 2024}}
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.
In 1996 it acquired the American firm Teepak International for US$135 million, including its majority stake in the Czech company Cutisin.{{cite encyclopedia |last = Dinger |first = Ed |title = Devro plc |encyclopedia = International Directory of Company Histories |publisher = The Gale Group |year = 2006 |url = http://www.answers.com/topic/devro-plc |accessdate = 2 September 2010}} The Czech unit was fully acquired in 2004.{{cite news|url=https://www.heraldscotland.com/news/12517733.devro-completes-czech-acquisition/|title=Devro completes Czech acquisition|date=7 January 2004|newspaper=The Herald| access-date=25 August 2024}}
Devro sold its cellulose business in 2000 for £4.8m, which resulted in a massive exceptional loss of £54.5m.{{cite web|url=http://cwdowner.com/press-a-events/news/archived/203-devro-plc-disposes-of-cellulose-business|title=Devro plc Disposes of Cellulose Business|publisher=CW Downer|accessdate=18 March 2018}}
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.{{cite news|last=Neuber|first=Kerstin|title=Devro says offer talks have ended|url=http://uk.reuters.com/article/idUKL1344316420070413|archive-url=https://archive.today/20120716051335/http://uk.reuters.com/article/idUKL1344316420070413|url-status=dead|archive-date=July 16, 2012|accessdate=2 September 2010|date=13 April 2007|agency=Reuters}}
The company was promoted to the FTSE 250 Index on 27 August 2010 after the acquisition of Arriva by Deutsche Bahn was completed.{{cite web|title=Arriva PLC (UK): Scheme of Arrangement - Changes In FTSE Indices|url=http://www.ftse.com/tech_notices/2010/Q3/29370_20100824_Arriva.jsp|publisher=FTSE Group|accessdate=2 September 2010|date=24 August 2010|archive-url=https://web.archive.org/web/20110614084119/http://www.ftse.com/tech_notices/2010/Q3/29370_20100824_Arriva.jsp|archive-date=14 June 2011|url-status=dead}}
In late 2015, Devro acquired PVI Industries, a Dutch-based collagen manufacturer, in a £10m deal.{{cite news|url=https://www.reuters.com/article/markets/commodities/devro-to-buy-pv-industries-bv-for-about-about-125-mln-euros-idUSFWN0ZQ003/|title=Devro to buy PV Industries B.V. for about 12.5 mln euros|date=10 July 2015|newspaper=Reuters| access-date=25 August 2024}}
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.{{cite news|url=https://www.thetimes.com/uk/scotland/article/exit-of-chief-who-put-sizzle-into-devro-qgltvgvtq|title=Exit of chief who put sizzle into Devro|date=12 December 2017|newspaper=The Times| access-date=25 August 2024}}
In November 2022, the company agreed to a £540m takeover offer by SARIA Bio-Industries AG & Co. KG.{{cite web |url = https://www.foodmanufacture.co.uk/Article/2022/11/29/devro-acquired-in-540m-takeover-deal |title = Devro acquired in £540m takeover deal |date = November 29, 2022 |access-date = January 5, 2024}}{{cite web |url = https://www.bbc.com/news/uk-scotland-scotland-business-63760298 |title = Sausage-skin maker Devro agrees to £540m takeover |date = November 25, 2022 |access-date = January 5, 2024}} The acquisition was completed in April 2023.{{cite web |url = https://saria.com/news/saria-expands-portfolio-with-acquisition-of-devro/ |title = SARIA expands portfolio with acquisition of Devro |date = April 14, 2023 |access-date = January 5, 2024}}{{cite web |url = https://www.jamessharp.co.uk/market-news/devro-plc-scheme-of-arrangement-becomes-effective/ |title = Devro plc Scheme of Arrangement Becomes Effective |date = April 14, 2023 |access-date = January 5, 2024}}
Operations
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.{{cite web |url=http://www.devro.com/uploads/tx_sbdownloader/DEVRO-AR-2014.pdf|title=Annual Report 2014 |accessdate=23 April 2015 |publisher=Devro}}
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.
References
{{Reflist}}
External links
- {{Official website|http://www.devro.com/}}
- [http://www.select-casings.com/ Devro Select Website]
{{Authority control}}
Category:Food and drink companies established in 1950
Category:Food manufacturers of the United Kingdom
Category:Companies formed by management buyout
Category:1950 establishments in England