Trelleborg AB has agreed to buy Seaward International Inc., a Clearbrook, Va.-based producer of marine fenders, for an undisclosed price.
Seaward International makes dock and floating fenders at two plants in the Winchester, Va., area, reporting about $22 million in annual sales with 60 employees. The business, Trelleborg's second acquisition in the marine fender business in the past 18 months, will operate through Trelleborg's Engineered Systems division.
The deal gives Seaward an opportunity for international growth, Georg Brunstam, president of the Engineered Systems unit, said in a news release. Trelleborg is based in Trelleborg, Sweden.
The acquisition will take the form of an asset-transfer transaction, with the deal expected to close by December, Trelleborg said. Representatives of Seaward were not available for comment.
Founded in 1973, Seaward makes buoys, fendering systems and other marine products from elastomers and plastics, including polyethylene and polyurethane.
In early 2001, Trelleborg bought a three-company manufacturing group that makes the Fentek line of marine fender systems. That acquisition - of Hercules Rubber & Chemicals in Singapore, Queensland Rubber in Australia and Fentek Marine Systems in Germany - expanded Trelleborg's fender and related business by about $23 million annually.
Fentek is considered the market leader in Europe and Oceania and No. 2 globally, Trelleborg said. Besides marine fenders, the Fentek companies also make other infrastructure construction products, such as bridge bearing systems and tunnel seals.
Trelleborg rates Bridgestone Corp. as the No. 1 company worldwide in fenders, with other major competitors being Sumitomo Rubber Industries Ltd. and Metso Trellex, formerly Trellex Morse and part of Finland's Metso Corp.
The global market for fenders is estimated at $110 million to $165 million.
Among Seaward's marine fender products are Sea Cushion, Sea Guard and Donut fenders and Seafloat buoys.
The firm's Elastomer Technology Division fabricates elastomeric materials for unique functions such as anechoic materials to reduce noise and unwanted acoustic reverberation in underwater test tanks.
It also makes specialty elastomers formulated so that ice will not stick to them.
The Technical Urethanes Division produces castable and sprayable urethanes used worldwide as protection against abrasion and corrosion.
