24 June 2007
24 June 2007
Umeco’s Composite Division subsidiary company, GRPMS, has agreed to acquire the Estonian distribution business of Ashland Composite Polymers.
The purchase price is £0.2 million subject to inventory value adjustment on completion. The acquisition is expected to complete on 31st August 2007.
GRPMS has also agreed to a sole distribution agreement with Ashland, a leading worldwide resin and gelcoat supplier, in Estonia. The existing distribution agreement between Ashland and GRPMS with respect to the UK, Ireland and Scandinavia will remain unchanged.
On a pro-forma basis the acquired business had sales for the 12 months ended 31st September 2006 of £1.3m. GRPMS expects to grow the sales of both Ashland and third-party products, based upon its wide ranging supplier relationships developed through its UK and Scandinavian based businesses. The purchase price is £0.2 million subject to inventory value adjustment on completion. The acquisition is expected to complete on 31st August 2007
Tony Bibby, Managing Director of GRPMS, said: “We are delighted to announce this acquisition and the related distribution agreement with Ashland. Estonia is a growth region and we are now well placed to play an integral part in that market growth.”