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(Alliance News) - Hill & Smith PLC on Monday said it has acquired Enduro Composites Inc for USD35.0 million.
The Solihull, England-based infrastructure company said the acquisition of the company - which was purchased from a group of private shareholders - will be funded from Hill & Smith's existing banking facilities.
Enduro Composites is Houston, Texas-based manufacturer and supplier of engineered composite solutions for the industrial and infrastructure markets.
Hill & Smith noted that Enduro will become part of its engineered solutions division, and is "highly complementary to our existing northeastern and midwestern US composite businesses and will further accelerate our strategy in this exciting and growing market."
The acquisition will expand the group's customer base as well as adding another manufacturing facility in the Gulf Coast region, the company said.
In 2022, Enduro reported adjusted revenue of USD47.0 million, with the acquisition expected to increase Hill & Smith's earnings in 2023.
Chair Alan Giddins said: "The acquisition of Enduro is in line with our strategy to undertake disciplined [mergers & acquisitions] that is aligned to our focus on niche markets with excellent long term growth potential. The acquisition of Enduro will further develop our product offering and expand our geographical coverage in the highly attractive composites market."
Hill & Smith shares were up 0.4% trading at 1,356.00 pence per share on Monday morning in London.
By Harvey Dorset, Alliance News reporter
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