Victrex plc

New Victrex CEO now onboard to execute the growth strategy

7/9/2017

Delivering focused growth strategies, particularly for new and emerging markets or applications, is firmly anchored in the strategy of Victrex, an innovative world leader in high-performance polymer solutions. With a clear focus on further executing this successful polymer, forms and parts strategy, Jakob Sigurdsson joined the company on 4 September 2017 as CEO-designate. He will become CEO on 1 October 2017(1), succeeding Dave Hummel, who retires after 24 successful years as CEO.

Victrex, headquartered in Thornton Cleveleys, UK, delivers a wide range of high-performance polyaryletherketone (PAEK)2-polymer based materials and technologies, from new polymers to product forms such as film, piping, and UD-tape, as well as selected parts for applications that include gears and dental discs. Larry Pentz, Chairman of Victrex, said: “I am delighted that Jakob has joined Victrex. With his track record of making markets and delivering growth, the Board believes he is a strong fit for Victrex, as we focus on executing our polymer, forms and parts strategy over the coming years.”

Long track record and proven PAEK development capability

Driving polyetheretherketones such as VICTREX™ PEEK(2) into new applications in a range of key industries, including Automotive, Aerospace, Electronics, Energy, Manufacturing & Engineering, and Medical, has seen good progress over the past 24 years with Dave Hummel as Chief Executive. Hummel said: “Jakob joins Victrex at a good time for the business as we continue to perform well. I am greatly looking forward to working with Jakob over the coming months.” Hummel (59) will retire as Chief Executive on 30 September 2017, remaining on the Board as an Executive Director until February 2018.

Delivering on growth opportunities

Jakob Sigurdsson, Chief Executive-designate of Victrex, commented: “It is a privilege to become the Chief Executive of such a highly regarded global company. I look forward to executing on growth opportunities over the coming years for Victrex, as well as for our partners and customers.”

Jakob Sigurdsson, 53, has more than 20 years’ experience in large multinational companies, including with Rohm & Haas (now part of Dow Chemical) in the US, as Chief Executive of food manufacturer Alfesca in Europe, and as Chief Executive of Promens, a global design and engineering company in plastic products. His roles have spanned marketing, supply chain, business development, strategy and M&A, with particular emphasis on growth in new or emerging markets, both within Rohm & Haas and as a CEO and non-executive director.

Proven PEEK production capacity

Victrex is continuously enhancing its capability for innovation and has a world-class PAEK production capacity that exceeds 7,000 t/a, in addition to several smaller production facilities which manufacture product forms and selected parts and components. First patented in 1978, the company´s PEEK-polymer has the longest track record in the field. The company’s depth of materials knowledge, together with its skill in  driving innovation, will enable Victrex to become more of a polymer solutions provider, further pushing the boundaries of what is possible and venturing into new and exciting areas of application.

Recent Victrex milestones

2017 

  • Establishment of a joint venture, “TxV Aero Composites”, with Tri-Mack Manufacturing Corporation to support the manufacture of aerospace loaded brackets
  • Acquisition of Zyex, a UK fibre specialist
  • New composite manufacturing facilities (i) for UD-tapes and (ii) for trauma plate components

2016

  • Magma Global and Victrex partner in the development of m-pipe®, a record-length subsea intervention line for oil and gas. Following the joint development of Magma carbon composite pipe utilizing VICTREX™ PEEK, Victrex invested in a minority interest in the company to strengthen the strategic partnership.

2015

  • Acquisition of Kleiss, a US gears specialist
  • Introduction of new polymer grades and a composite product family for use in aerospace
  • Third PAEK manufacturing plant went online: new production capacity exceeding 7,000 t/a

Further information on Victrex: https://www.victrex.com and www.victrexplc.com.

Notes

  1. The original announcement of Jakob Sigurdsson joining Victrex as CEO-designate was made on 19 April 2017
  2. Polyetheretherketones (PEEK) represent over 80% of materials in the polyaryletherketone (PAEK) family of high-performance thermoplastics.