NALYST RECOMMENDATIONS AND REVISIONS 1-5 Linear Scale Current 1 Month Ago 2 Month Ago 3 Month Ago (1) BUY 4 3 3 2 (2) OUTPERFORM 0 1 1 1 (3) HOLD 3 2 2 3 (4) UNDERPERFORM 0 0 0 0 (5) SELL 0 0 0 0 No Opinion 0 0 0 0 Mean Rating 1.86 1.83 1.83 2.17 Polypore International, Inc. (Polypore International) is a global high technology filtration company, that develops, manufactures and markets specialized microporous membranes used in separation and filtration processes. The Company produces microporous membranes that contain millions of pores per square inch, enabling the management of ions, gases and particles that range in size from the cellular to the nano or molecular level. Polypore International operates in two segments: energy storage and separations media. The energy storage segment produces and markets membranes that provide the function of separating the cathode and anode in a variety of battery markets, including lithium, industrial and transportation applications. The separations media segment produces and markets membranes used as the high technology filtration element in various medical and industrial applications. During the fiscal year ended January 3, 2009 (fiscal 2008), the energy storage segment accounted for approximately 74% and the separations media segment accounted for approximately 26% of the Company’s net sales. In May 2008, the Company, through its wholly owned subsidiary, Celgard, LLC, completed the acquisition of Yurie-Wide Corporation, a South Korean company. As of January 3, 2009, Polypore International manufactures, markets and services its products through 14 manufacturing sites and 13 sales and service locations throughout the Americas, Europe and Asia. Energy storage Polypore International develops, manufactures and markets a line of patented polypropylene and polyethylene monolayer and multilayer membrane separators for lithium batteries that are used in numerous applications, such as personal electronic devices, power tools and hybrid electric vehicles (HEVs) and other electric vehicles. It develops, manufactures and markets a line of polymer-based membrane separators for lead-acid batteries. Approximately 80% of the Company’s lead-acid battery separators are used in batteries for automobiles and other motor vehicles. The remaining approximately 20% are used in industrial battery applications, such as forklifts, golf carts, submarines and uninterruptible power supply systems, which provide backup power for applications, such as computers, mobile phone towers and hospitals. Separations Media In the separations media segment, the Company’s filtration membranes and modules are used in healthcare, and industrial and specialty filtration applications. These membranes perform the function of removing sub-micron particulates from fluids and introducing or removing gases (gasification/degasification) within liquids. Both healthcare and specialty filtration applications require membranes with precisely controlled pore size, structure, distribution and uniformity. Polypore International develops, manufactures and markets a line of patented polyethersulfone membranes for the hemodialysis market. It also develops, manufactures and markets polypropylene and methypentene membranes for the blood oxygenation market. It develops, manufactures and markets polypropylene and polyethersulfone membranes for the plasmapheresis market. Polypore International produces a range of membranes and membrane-based elements for micro and ultrafiltration, and gasification/degasification of liquids, covering a range of applications in the filtration market. Its industrial and specialty filtration products include MicroPES, DuraPES, Accurel, Liqui-Flux, Liqui-Cel, SuperPhobic, MicroModule and MiniModule membrane contractors. MicroPES and DuraPES are sulphonated polyethersulfone flat sheet microfiltration membranes with high flow rates, chemical resistance and low protein binding. Accurel is a polypropylene membrane, available in flat sheet, hollow fiber, and tubular configurations, which can be used in a range of potential of hydrogen (pH) conditions. The Company’s Liqui-Flux membrane modules, based on its hollow fiber, polypropylene microfiltration and polyethersulfone ultrafiltration membranes, are used for potable water filtration, beverage processing, and prefiltration for reverse osmosis systems. Liqui-Cel membrane contactors incorporate hydrophobic hollow fiber membranes into module designs and are used in a variety of industries, including beverage processing, pharmaceutical, semiconductor and flat panel display manufacturing, and power generation. Its SuperPhobic membrane contactors are a type of membrane contactor, which can treat liquids that otherwise penetrate the membrane pores of conventional Liqui-Cel membrane contactors. MicroModule and MiniModule membrane contractors are very small in-line degassing devices used to eliminate microbubbles in water, inks and other liquids. The Company competes with Entek International LLC, Nippon Sheet Glass Co., Ltd., ExxonMobil, Ube Industries Limited, Asahi Kasei Medical Co., Ltd., Fresenius Medical Care, Gambro AG, Toyobo Co. Ltd., Terumo Medical Corp., Dainippon Ink and Chemicals, Inc., Koch Industries, Norit B.V., Millipore Corporation and Pall Corporation.
$8.23 (05/09/09)
