A Shirley, England-based infrastructure specialist plans to buy a leading U.S. manufacturer of glass-reinforced plastic products for $21 million in cash.
Hill & Smith Holdings plc will purchase Alum Bank, Pa.-based Creative Pultrusions Inc. The U.S. business supplies markets including infrastructure, transportation and construction. It employs 185 and reported fiscal 2007 sales of $32.7 million.
Hill & Smith Chief Executive Officer Derek Muir said the deal brings international opportunities for his company.
Creative Pultrusion's products ``will complement our offering in the U.S. and in particular benefit our operations in the U.K. and mainland Europe,'' Muir said in a news release.
Redman Fisher, a Hill & Smith subsidiary, already has a relationship with Creative Pultrusions following a 2006 marketing and manufacturing agreement.