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One of my favorite stocks getting crushed today : PPO

|Includes:AGU, BG, CF, DOW, EMN, FMC, JCI, MOS, POT, Polypore International, Inc. (PPO), ROC, SQM, TNH

 

Polypore prices public offering
Charlotte Business Journal Date: Friday, March 18, 2011, 10:25am EDT


Polypore International Inc.
has priced a previously announced public offering of 4.5 million shares of common stock.

Sellers include two Warburg Pincus private-equity funds and some Polypore executives and directors.

The stock is being sold at $52.75 per share. The transaction, valued at $237.4 million, is slated to close Wednesday.

Barclays Capital Inc. is the book-running manager for the offering.

No shares are being sold by the Charlotte-based company.

Polypore’s shares have traded between $16.70 and $61.75 during the last year. The company’s stock was trading at $53.18 Friday morning.

Polypore (NYSE:PPO) makes membranes used in separation and filtration processes for batteries and other products. One of its subsidiaries is Celgard, which has 330 employees at a plant in Southpoint Business Park in south Charlotte.

In February, Celgard said it would spend $32 million to expand that facility. It’s the second announced expansion of the plant, following a $43 million addition in 2010.

Celgard also is building a plant in Concord. This week, the company announced a $65 million expansion there and 100 additional jobs for the facility. That will bring the company’s total investment in Concord to $122 million and employment to 304 jobs.

It’s all prompted by automakers’ plans for additional electric cars, says Robert Toth, president and chief executive of Polypore.

“We are actively involved in development programs for over 50 vehicles scheduled for launch between now and 2015,” Toth says.

Stocks: PPO, JCI, ROC, SQM, FMC, MOS, EMN, DOW, POT, AGU, CF, BG, TNH