High performance polymer producer Victrex (Thornton Cleveleys / UK; www.victrex.com) has announced an additional GBP 15m (about EUR 21m) in downstream investments to support its activities in the industrial and medical sectors. The money will go towards a new PEEK composites facility for unidirectional (UD) tape, as well as a new plant for medical trauma plate applications. Both will be located at group headquarters in Thornton Cleveleys. A start-up date was not disclosed. The investment will also go towards the Polymer Innovation Centre, construction of which is due to begin early next year (see Plasteurope.com of 26.02.2015).

Victrex said the expansion in UD tape capacity, which is used in aerospace applications, among others, was driven by its collaboration with subsea pipe producer Magma (Portsmouth / UK; www.magmaglobal.com). The latter’s “m-pipe”, made of polymer carbon, is said to be 90% lighter than steel in water, stronger than steel and also has a number of performance benefits, including durability as well as corrosion resistance to seawater, CO₂ and sour gas.

The investment in its trauma activities – part of the group’s Invibio Biomaterial Solutions medical division – will focus on trauma plates made of ultra-reinforced “PEEK Optima” grades. The higher output will help meet demand from Victrex’s existing partnerships with medical device companies.

The UK producer made the announcements when reporting its 2015 financial results for the year ended 30 September. CEO David Hummel said the group did well, despite challenges related to the weak oil and gas business in the US as well as ongoing consolidation in the medical engineering sector. The company also suffered from negative currency effects. Nevertheless, the preliminary sales figure comes to GBP 263.5m or EUR 364m (2014: GBP 252.6m). Sales volumes rose to 4,217 t (2014: 3,551 t), although the average sales price fell from GBP 71.1/kg to GBP 62.5/kg. The company’s 2015 operative result came in at GBP 106.3m (2014: GBP 102.2m), while its profit reached GBP 83.5m (2014: GBP 80.2m).

Victrex said sales of its medical business fell by 5% year-on-year to GBP 50.5m, largely as a result of weaker spine implant activities in the US. By contrast, Invibio’s revenues in Europe held steady and the division continued to make gains in Asia.