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(Alliance News) - Hill & Smith PLC on Friday said that it has bought United Fiberglass of America Inc, a Springfield, Ohio-based designer and manufacturer of pipe and drain infrastructure systems.
The West Midlands-based provider of sustainable infrastructure products and services acquired United Fiberglass for a GBP11.4 million in cash, and will keep the management team in place.
United Fiberglass will be incorporated into Hill & Smith's composites business, Creative Composites Group, within its Engineered Solutions division. United Fiberglass itself is a designer, manufacturer and supplier of composite pipe, conduit, and bridge drain infrastructure systems.
In the year to September 30, United Fiberglass reported revenue of USD9.9 million, adjusted earnings before interest and tax of USD1.8 million, and gross assets of USD7.2 million. Hill & Smith expects the purchase to be earnings-enhancing next year.
"The acquisition of United Fiberglass is in line with our strategy of acquiring businesses within niche markets with strong long-term growth potential and doing so outside of a formal auction process. United Fiberglass is a business we have known for many years and is an excellent fit with our existing, high-growth US composites business," said Executive Chair Alan Giddins.
Hill & Smith shares were trading 2.1% higher at 1,871.00 pence each in London on Friday morning.
By Holly Beveridge, Alliance News reporter
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