05 September 2008
05 September 2008
Creative Pultrusions’ shareholders have entered into a stock purchase agreement with Hill & Smith Holdings, a UK-based company listed on the London Stock Exchange.
Hill & Smith is an infrastructure, galvanizing, construction and building products company, with operations worldwide. Under the agreement, Hill & Smith will purchase 100% of the capital stock of Creative Pultrusions and, upon the closing of the transaction, Creative Pultrusions will become a wholly owned subsidiary of Hill & Smith, through its US-based subsidiary, Hill & Smith Holdings, Inc.
Hill & Smith, through its UK subsidiary Redman Fisher, has shared a strategic relationship with Creative Pultrusions since 2006 as a result of a marketing and manufacturing agreement. The marketing and manufacturing agreement has enabled Redman Fisher to manufacture pultruded glass reinforced plastic products at its Telford factory in the UK. Creative Pultrusions has over the last two years been providing technological assistance to support Redman Fisher and will now play a key role in the expansion of Hill & Smith’s product offering. Hill & Smith’s global presence and ability to expand their infrastructure and construction businesses further into composites products made the acquisition of Creative Pultrusions, Inc. a sound commercial and strategic move. The companies share a common goal in expanding market share and working closely with their end customers to provide innovative solutions.
Mr. Robert D. Sweet, Jr., founder and Chief Executive Officer of Creative Pultrusions, will be retiring as chief executive following completion of the transaction, but will continue to serve the company as a consultant. He will be succeeded as chief executive by Creative Pultrusion’s current chief operating officer, Mr. Shane E. Weyant. There will be no other changes in the senior operational management of the business.
Shane E. Weyant, chief operating officer of Creative Pultrusions, said, "We are excited to be joining forces with Hill & Smith. We expect Hill & Smith’s worldwide reach will enable us to enhance service offerings for our customers in the United States and around the world."