DOW JONES NEWSWIRES
The U.S. Federal Trade Commission ordered Polypore International
Inc. (PPO) to divest itself of the battery-components maker it
acquired in 2008 because the takeover hurt competition.
The commission didn't indicate in a release what effect the
latest order would have on an appeal process Polypore began last
month after an earlier FTC ruling. The company, which makes
filtration equipment, couldn't be reached immediately for
comment.
The FTC's final order gives Polypore six months to sell
Microporous Products LP to an approved buyer, according to the
commission. Its five commissioners voted to uphold most of an
earlier ruling in March by an administrative law judge.
The commissioners agreed that Polypore's takeover of its rival
Microporous hurt competition in three of four North American
markets for flooded lead-acid battery separators--membranes that go
between the positive and negative plates of flooded lead-acid
batteries.
Last month, Polypore said its third-quarter earnings nearly
doubled as sales increased 10%.
Polypore shares were up a penny at $42.23 in recent trading. The
stock has more than tripled in value in the last year.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;
joan.solsman@dowjones.com