28 July 2006
28 July 2006
Low & Bonar, the specialist materials group, is intending to acquire Colbond Investments for €103.3 million.
Colbond is an international producer of composites for civil engineering, building and industrial applications, as well as synthetic non-woven textiles for flooring, automotive and construction applications and three-dimensional polymeric mats.
Low & Bonar has previously set out its strategy of focusing on both the flooring and the technical textiles markets where the Board believes the Group can grow organically and by acquisition and can also sustain strong margins.
Commenting on the announcement, Paul Forman, Group Chief Executive of Low & Bonar said: “We are delighted to be announcing this transaction. Colbond is an excellent business which will double Low & Bonar’s presence in the attractive technical textiles market. In addition, by adding complementary technologies and products, we believe that this acquisition further enhances the Group’s long-term growth potential”.
Duncan Clegg, Chairman of Low & Bonar, added: “The acquisition of Colbond represents a major step forward in our strategy of driving organic and acquisitive growth in our core markets. Low & Bonar is now firmly established as a major competitor in the technical textiles sector, and we look forward to building on that position”