Victrex sells Magma Global to TechnipFMC

Victrex stated that it did not envisage any "material change" to its supply relationship to TechnipFMC as a result of the sale added that the two continued to work closely in support of qualification and deployment opportunities.

Chief executive Jakob Sigurdsson said: "This is good news for Victrex and is another milestone in our polymer and parts strategy to help open up new markets and revenue streams."

Sigurdsson added that he believes the acquisition of Magma by TechnipFMC represents "a significant and very tangible commitment" by the buyer to hybrid flexible pipe programmes based on the FTSE 250-listed firm's PEEK polymer and composite tape.

"With a number of certifications already in place which validate our material, we will continue to support qualification programmes accordingly. We look forward to working with TechnipFMC and having a mutually beneficial relationship which will help to drive these opportunities forward together," added Sigurdsson.

As of 0910 BST, Victrex shares were up 1.12% at 2,338.0p.