Geosynthetics, new European markets cited.
The release described Texiplast, founded in 1938, as a manufacturer of geosynthetic soil reinforcement, separation, filtration, and erosion control products.
The release said that under the terms of the acquisition, Low & Bonar has agreed to acquire Texiplast for a net cash payment of approximately €18.9m (£16.0m, $25m), on a debt-free basis. For the year ended Dec. 31, 2012, the Texiplast business generated revenues of €12.7m ($16.7m) and EBITDA (earnings before interest, taxes, depreciation, and amortization) of €3.1m ($4m).
According to the press release, the acquisition is consistent with the Low & Bonar business because it:
- enables the company to become a more integrated provider of solutions for civil engineering projects.
- provides opportunities for organic growth through organizational investment to leverage and expand Texiplast’s product range and reach.
- provides Low & Bonar with improved access to Texiplast’s principal central and eastern European markets.
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