30 April 2013
30 April 2013
Future Pipe Industries Group (FPIG) has acquired 100% of the fibreglass reinforced pipe business, Specialty Plastics (SPI) from ITT Exelis.
SPI, based in Baton Rouge, Louisiana, US, is a supplier of fibreglass pipes and systems for offshore platforms and marine vessels. FPIG feel that the takeover is a strategic addition to their composite pipe business and adds a significant new offering to its already extensive product range extending FPIG’s global capabilities in the offshore rig and floating production and storage of oil (FPSO) market.
"We are excited about this new opportunity," said Fouad Makhzoumi, Chairman and CEO of Future Pipe Industries Group. "The acquisition of Specialty Plastics is a strategic fit to FPIG that will complement its product offerings, geographical reach and customer sectors. SPI's solutions, people and expertise will extend our ability to deliver competitive services particularly in the Americas and continue to strengthen FPIG as a leading global provider of composite pipe systems."
"The acquisition of SPI is in line with our strategy of organic growth coupled with the acquisition of other complementary businesses which have prominence and demonstrated technical excellence in their own markets. The acquisition of SPI will further enhance our existing manufacturing and sales operations in the US and expand our reach within the Oil & Gas sector" concluded Makhzoumi, Chairman and CEO of Future Pipe Industries Group.