Fenner has announced that it has exchanged contracts to acquire all the assets of American Industrial Plastics, Inc, a privately owned company based in Florida.
AIP will be acquired by a newly incorporated wholly owned subsidiary of Fenner, American Industrial Plastics, LLC, and the transaction is expected to complete in early September 2012. The value of the AIP gross assets being acquired will be US$3.8 million.
American Industrial Plastics have been around for 30 years and are a precision machining company based in Daytona Beach, Florida, they machine advanced polymers for application in the oil & gas and medical markets as well as manufacturing performance precision components for a range of niche applications including aerospace.
The company will now become part of the Fenner Advanced Sealing Technologies (“FAST”) business within the AEP Division.
Nick Hobson, CEO of Fenner PLC, commented:
AIP’s proprietary manufacturing technologies, which include polymer machining techniques with unprecedented levels of precision, complement FAST’s existing capabilities and business in the oil & gas and medical markets.