Charlotte Pipe and Foundry Co. of Charlotte, N.C., has agreed to acquire Thompson Plastics Inc. of Huntsville, Ala. Terms of the deal, which was to close by Dec. 31, were not revealed.
Thompson is operated by Bernard Thompson and his sons Kirk and Kyle Thompson. The elder Thompson will stay on as chief executive officer. Kirk and Kyle will remain in their roles as president and vice president of operations, respectively.
``We are all very positive and upbeat about the transaction,'' Kirk Thompson said in a Dec. 21 telephone interview. ``For us, it was a matter of timing. Things were working out well for a transaction.''
Thompson has operated one site in Huntsville since 1982. In 110,000 square feet, it runs nine injection presses with clamping forces of 220-310 tons and six extrusion lines. The firm employs 120.
The company has supplied generic and FlowGuard Gold chlorinated PVC pipe and fittings for hot- and cold-water distribution, and it manufactures CPVC fire sprinkler systems marketed as BlazeMaster, according to a news release.
CPVC is growing fast, Frank Dowd IV, Charlotte's chairman and CEO, said in a news release. ``We look forward to the growth opportunities that are available in the hot- and cold-water distribution market,'' he added.
Charlotte employs 1,300. It operates facilities in Monroe, N.C.; Cameron, Texas; Wildwood, Fla.; and Muncy, Pa. It had $195.5 million in extrusion sales for 2003, according to Plastics News' ranking of pipe, profile and tubing extruders.