| A West Midlands-based infrastructure specialist has today announced it will buy a leading US manufacturer of glass reinforced plastic products for $21m (£11.3m) in cash.
Hill & Smith Holdings will purchase Pennsylvania-based Creative Pultrusions for 100% of the share capital.
The US business, founded 35 years ago, supplies markets which includes infrastructure products, transportation and utilities, construction, bridges and access systems. It employs 185 staff and reported annual sales of $32.7m (£17.6m) in the year ended 31 August 2007.
According to Hill & Smith chief executive Derek Muir, the acquisition brings more international opportunities for the group.
He said: “Creative Pultrusions will significantly add to the product offering of our infrastructure products division. It is a highly innovative business with excellent customer relationships.
“The company’s capability to provide creative solutions and products using alternative and lighter materials will complement our offering in the US and in particular benefit our operations in the UK and mainland Europe.”
Redman Fisher, a Hill & Smith subsidiary, already has an established trading relationship with Creative Pultrusions following a 2006 marketing and manufacturing agreement. This enables Redman Fisher to manufacture pultruded GRP products as its Telford factory in the UK. |
