ZCL Composites has agreed to acquire Xerxes, a US company involved in the design, manufacture and marketing of fibreglass products for the petroleum, chemical, water and wastewater industries.
The aggregate purchase price for Xerxes is USD$40.8 million. The company has over 260 employees operating from 5 principal locations in Minnesota, California, Texas, Maryland and Iowa.
ZCL’s President & Chief Executive Officer, Ven Côté, described the acquisition of Xerxes as both “”synergistic operationally to ZCL and accretive””. “”We are excited about the opportunity to join forces with a well managed industry leader to provide a broader range of products to our Canadian customer base and to increase our market presence in the United States.””
The Acquisition is expected to close on or about February 28, 2007.
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