WOODBRIDGE, ONTARIO — Royal Group Technologies Ltd. has signed a letter of intent to acquire the PVC extrusion assets and business of CTB Inc.
CTB extrudes PVC fence, deck and dock products at a facility in Milford, Ind., near South Bend, said Mark Badger, vice president of corporate communications for Royal of Woodbridge. The companies expect to close the deal by May 15.
If the deal goes through, Royal expects to expand manufacturing operations at the Milford plant, Badger said. The business would complement Royal's existing fencing and deck products and expand its distribution network, the firm said in an April 28 news release.
The Milford operation is CTB's main business, Badger said. He would not disclose its sales.
Royal placed fourth in Plastics News ranking of North American pipe, profile and tubing extruders, with estimated pipe and profile sales of $360.6 million.
In other news, the firm agreed to hold 80 percent in a production joint venture with undisclosed Philippine investors.A 100,000-square-foot plant in Manila will begin operating in mid-1998.
Royal agreed to help develop a 2,500-unit subdivision in San Mateo, a Manila suburb, based on its modular plastic building system. The Philippines Teachers Association will buy the housing for its members.