ADS Inc. has sold the portion of its plastic composites business devoted to personal watercraft components.
St. Elzear de Beauce, Quebec-based ADS said Nov. 3 that it sold the business to Camoplastic Inc. of Sherbrooke, Quebec, for undisclosed terms. The business will have sales of about C$20 million (US$15 million) for the year ending Jan. 31, ADS estimated in a news release. The deal includes a manufacturing plant in Terrebonne, Quebec.
ADS President and Chief Executive Officer Guy Drouin said his firm still does about C$30 million (US$22.5 million) per year worth of composites business in transportation, aerospace, medical and other markets, but it plans to sell the other composites units to focus on its technical textiles subsidiary, Texel Inc.
Drouin said the remaining composites business for sale includes thermoforming and pultrusion operations. The business comprises four plants in and near Quebec City and Montreal, and one in Mexico City.
Key accounts in the personal watercraft business are Bombardier Recreational Products of Montreal and Polaris Industries Inc. of Plymouth, Minn. Bombardier Recreational recently was acquired by a group comprising the Bombardier family, Bain Capital and Quebec government investment agency Caisse de depÃ´t et placement. Other separate businesses continuing under the Bombardier name include aerospace and transportation.
Camoplast, a composites rival to ADS, has nine plants and 1,300 employees. Bombardier and Polaris already were among its customers in transportation, heavy equipment and consumer products. In addition to glass-reinforced-plastic composites, it also does blow molding and rubber processing.