Flotation for Domnick Hunter

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DOMNICK HUNTER, the engineer demerged from Walter Alexander two years ago, is planning a stock market flotation in the spring, writes John Shepherd.

The company, which should soon confirm it made operating profits of about pounds 4.7m from pounds 30m of sales in 1993, will be valued at about pounds 60m. Brian Thompson, chairman, said: 'The flotation will assist expansion and allow development of manufacturing and sales operations.'

The company has two operations employing 500 staff, mainly in North-east England. Exports account for 60 per cent of turnover and it also has sales offices in North America, Germany, Japan, Spain, Denmark and China.

Its industrial products are used for purifying and drying compressed air and gases and its process activity makes membranes and filter cartridges for the production of mineral waters, wines and spirits, drugs and cosmetics.

The flotation will also bolster the balance sheet, with some proceeds being used to repay an unspecified amount of preference shares and debt.