Charlotte, N.C.-based Carlisle Cos. Inc. has entered a definitive agreement to acquire the block-molded expanded polystyrene business, as well as the structural insulated panel operations, of Tacoma, Wash.-based Premier Industries Inc. for $160 million.
Privately held Premier has a chief executive officer planning retirement and was looking to divest the business units, officials said.
Insulfoam block molds several EPS products for several markets, including insulation parts and floatation devices. Premier Building Systems makes SIPs by sandwiching an EPS board in between two panels of oriented-strand board. The products are used for building floor, wall and roofing systems in residential and light commercial construction projects.
Combined, Insulfoam and PBS have about 750 employees and about $220 million in annual sales.
The acquisition represents Carlisle officials' desire to grow their investment in energy-efficient products, said Heidi Ellsworth, marketing communications manager for Carlisle Construction Materials, in a telephone interview.
``We're looking at energy-efficient products and energy-efficient construction,'' Ellsworth said. ``We want to be the one providing it to the market.''
Insulfoam President Steve Wing will continue to run the block-molding business, he said in an April 19 telephone interview.
The long-term plan for having a truly nationwide presence will not change under the direction of Carlisle, Wing said.
``We've been growing at a fairly attractive rate over the past six years,'' he said. ``We've either acquired plants, or built plants. The expectation is to complete national coverage. We have some gaps, and our plan is to build plants that will fill those geographic gaps. Carlisle plans to invest in that expansion.''
Insulfoam molds EPS products at 13 different U.S. plants. The plants are located in Mead, Neb.; Aurora, Colo.; Columbus, Ohio; Marlin, Texas; Lakeland, Fla.; Anderson, S.C.; Kent, Wash.; Anchorage, Alaska; Dixon and Chino, Calif.; and Phoenix.
Carlisle is a global manufacturer of construction materials and heavy-duty automotive parts.
The deal is expected to close April 30.