Alcan has agreed in principle to acquire the business and assets of Penske Composites, the manufacturer of reinforced structural urethane core material products for the marine and industrial markets.
“”The addition of Penske Composites, LLC would strengthen Alcan’s portfolio of structural core materials by enhancing its product offering and providing customers with the broadest product range for core materials in the industry,”” said Georg Reif, President, Alcan Composites. “”This acquisition would also give Alcan further entry into developing markets, currently served by other Alcan Composites product lines in the display and sandwich construction industries,”” he added.
Structural core materials are used in composite sandwich construction, to offer a balance of high performance and lightweight design properties. Penske Composites, LLC’s “”Xtreme”” heavy density fibre reinforced products are already recognized in the U.S. marine and industrial markets as structural core “”cut parts”” for transoms and stringer systems, and can be used as a core material in composite sandwich layers or as a self supporting system.
Penske Composites’ recently introduced low density scrimmed and scored product will compliment Alcan’s existing AIREX, BALTEK and KAPEX lines of structural core materials to support the increasing global demand for core material products in the marine, mass transportation, wind-power generation and aerospace markets. Penske Composites, LLC is located in Mount Juliet, Tennessee. It recorded US$4.6 million in 2005 revenues and employs 36 people.
“”We are pleased to have found a strategic buyer in Alcan,”” said Herman Novak, Executive Vice President, Penske Composites, LLC. “”I am convinced that Alcan’s marketing and sales organization will help the business to substantially improve its market position as the demand for core material products continues to grow,”” he added.
The transaction is expected to be completed in early December 2006, subject to execution of a definitive purchase and sale agreement.
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