Dow Chemical Co. has expanded in commercial roofing by purchasing Stevens Roofing Systems and Stevens Geomembrane Systems.
No purchase price was disclosed in the deal, in which Midland, Mich.-based Dow bought the businesses from JPS Industries Inc. of Greenville, S.C. Stevens, of Holyoke, Mass., makes commercial roofing systems based on thermoplastic olefin resins. The firm also makes a roofing membrane based on PVC.
The Stevens businesses will become part of Dow's Building Solutions unit. In a June 11 news release, Dow officials described roofing systems as ``an area with significant growth potential that aligns well with Dow's energy-efficient building expertise.''
Stevens employs 160 at a headquarters location in Holyoke and at a 250,000-square-foot manufacturing plant in Westfield, N.C. Both locations are included in the sale. Charles Tutterow, JPS executive vice president and chief financial officer, said that selling the businesses to Dow was ``an excellent opportunity for Stevens to achieve its full potential within the industry.''
Prior to the deal, Dow had supplied Stevens with various Styrofoam-brand extruded polystyrene insulation products. The purchase also includes customer lists, contracts and technology, a Dow spokeswoman said.
Stevens has introduced an energy-efficient single-ply TPO roofing system that, officials said, is becoming a preferred roofing system because of its reflective white membrane and energy savings.
``Roofing is a critical component to a total energy-efficient building solution,'' said Torsten Kraef, Dow Building Solutions president and general manager, in the release. ``Our planned acquisition of Stevens Roofing Systems is a major step toward realizing our goal of providing our customers with an additional option for their overall building design.''
The Dow spokeswoman added that the acquisition will allow Dow Building Solutions to combine its polymer and insulation expertise with Stevens roofing expertise and know-how.
The deal also will assist Dow's efforts in solar energy. Dow recently joined the Department of Energy's Solar America Initiative, and Stevens is developing building-integrated photovoltaic products that rely on solar power.
The sale comes less than a year after JPS bought a pair of reinforcement material businesses from Hexcel Corp. for $62.5 million. JPS has annual sales of about $350 million. Its other businesses include JPS Composite Materials and Stevens Urethane.