Edwards Vacuum Sees $2.3 Billion Valuation After IPO, FT Says
Edwards Vacuum Ltd., a maker of vacuum pumps based in Crawley, southern England, is looking at a valuation of as much as 1.5 billion pounds ($2.3 billion) after a planned initial public share offering this year, the Financial Times reported, citing an interview with Chief Executive Officer Matthew Taylor.
The company supplies vacuum pumps used in semiconductor and flat-panel screen manufacturing, and an upturn in the chip business has persuaded CCMP Capital Advisors LLC and Unitas Capital, the owners, that the time is right to sell shares, the newspaper said.
In the three months to Sept. 30, Edwards’s sales were 75 percent up on the year-earlier period at 165 million pounds ($257 million); also in 2010, the company made 220 employees redundant as it switched its manufacturing focus overseas, and Taylor admitted that had been difficult to explain to the workforce, the FT said.
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