British polymer research and consulting company Rapra Technology Ltd. has been acquired for an undisclosed sum in a management buyout.
Formerly known as the Rubber and Plastics Research Association, Shawbury-based Rapra formally was taken over Aug. 1. More than 75 percent of Rapra's 160 industry members approved the deal in a July 24 vote.
The move aims to keep the business independent, generate fresh capital for research and allow the new management, under Managing Director Andrew Ward, to buy complementary businesses, according to Rapra.
One new business area the firm plans to tackle: large-scale product and material testing for outside customers, including large pharmaceutical companies involved in rapid development work.
Rapra generates most of its £6.5 million ($8.88 million) in sales from research for single and multiple clients, the United Kingdom government, regional development agencies, the European Union, conferences and publishing.