NuPro Innovations Inc., a new materials supplier, has purchased the assets of TrucTech Inc., a maker of plastic tops for pickup-truck beds.
NuPro paid $5.5 million for the assets by issuing more than 7.3 million shares of its common stock. The purchase includes machinery, inventory and the patent for the retractable top.
NuPro, based in Tucson, Ariz., plans to market the composite tops to a larger market, said President Luba Veselinovic. The retractable covers have been made for a decade by Atlanta-based TrucTech, most recently at a plant in Guaymas, Mexico.
TrucTech decided to sell its operations and technology, Veseinovic said. NuPro provides the composite material for the pickup tops, sold almost exclusively in the Southwest as an aftermarket product, and helped develop the product.
NuPro is obtaining public funding to formulate a new array of hybrid thermoset materials, he said. The firm wants to market NuPro materials and turnkey manufacturing services.
The truck top operates either electronically or externally, using a pulley and cable system, said NuPro engineering consultant Gerry Malloy. TrucTech claims the product is the only automatic retractable pickup top sold in North America.
The acquisition closed June 18. Several TrucTech officers also sit on the board of directors of NuPro, including former TrucTech President Elke Veselinovic.
NuPro is listed on Nasdaq's bulletin board.