GEORG FISCHER
Acquisition of US pipe producer Harvel Plastics / Expanding global piping business
In a USD 50m cash deal expected to close at the beginning of next year, Georg Fischer (GF, Schaffhausen / Switzerland; www.georgfischer.com) has acquired US-based PVC pipe manufacturer Harvel Plastics (Easton, Pennsylvania; www.harvel.com). The move is part of GF’s strategy to expand its global piping business. The Swiss group plans to integrate Harvel Plastics into its Piping Systems (www.piping.georgfischer.com) business unit once the acquisition is complete.
 Harvel Plastics' Easton plant will receive a new owner in 2012 (Photo: Georg Fischer) |
Harvel Plastics is a subsidiary of the Detrex Corporation (Southfield, Michigan / USA; www.detrex.com), which estimates that after-tax proceeds of the all-cash deal will amount to USD 30m. The Easton-based pipe producer has 148 employees working at its plants in Easton, Pennsylvania and Bakersfield, California. Harvel last generated sales of more than USD 60m.
With 4,730 employees, GF Piping Systems last posted revenues of CHF 1.18 bn. The Swiss group says the acquisition will allow it to better service its US customers from Harvel’s two North American plants as well as its own Arkansas facility.
With 4,730 employees, GF Piping Systems last posted revenues of CHF 1.18 bn. The Swiss group says the acquisition will allow it to better service its US customers from Harvel’s two North American plants as well as its own Arkansas facility.
05.12.2011 Plasteurope.com [221002-0]
Published on 05.12.2011
German version of this article...