DUBAI, UAE – Future Pipe Industries Group is adding to its U.S. operations with the purchase of Specialty Plastics Inc., a Baton Rouge, La., fiberglass reinforced pipe business, from ITT Exelis, according to news releases from both companies.
SPI is a supplier of fiberglass pipes and systems for offshore platforms and marine vessels. The company was bought by EDO Corp. in 1999. ITT Exelis acquired EDO and SPI in 2007.
Future Pipe said that the purchase was a strategic addition to its composite pipe business and will add a new offering to the company's extensive product range. It serves offshore rig and floating production as well as oil storage markets.
"The acquisition of SPI will further enhance our existing manufacturing and sales operations in the U.S. and expand our reach within the Oil and Gas sector," said Fouad Makhzoumi, Chairman and Chief Executive Officer of Future Pipe, in a statement.
Future Pipe was established in 1984 and offers anti-corrosive fiberglass pipe system design and manufacturing. It operates nine factories worldwide and has more than 3,500 employees.
ITT Exelis, of McLean, Va., said that the sale was part of an ongoing plan to focus on three areas – critical networks, ISR and analytics, and electronic warfare systems. It said that the sale was not material to its 2013 results and did not disclose specific terms.