TONGXIANG, CHINA (July 25, 11:45 a.m. ET) — Jushi Group, the China-headquartered fiberglass manufacturer, has purchased Gibson Enterprises Inc., the company's U.S. distributor based in Irwindale, Calif.
Gibson distributes fiberglass reinforcements and fabrics to the plastics industry.
The acquisition comes after years of collaboration between the Tongxiang-based Jushi and Gibson. Earlier this year, for example, the two companies announced the joint development of a high-strength fiberglass called ViPro, aimed at high strength applications like wind energy and high pressure pipes.
As a result of the acquisition, the new company will be called Jushi USA and will incorporate Gibson's U.S. network of distribution centers. The new company will help expand the global network of Jushi Group, which currently operates subsidiaries in Canada, France, India, Italy, Japan, South Korea, Singapore, South Africa and Spain.
In addition to its headquarters in Tongxiang, Jushi has production bases in Jiujiang and Chengdu, and boasts more than US$1.3 billion in total assets. With 10,000 employees, the company is capable of turning out more than 900,000 metric tons of fiberglass annually and has plans to expand capacity by 500,000 metric tons of melt capacity by 2015.
The U.S.-based operation will be headed by Alan Gardiner, a chief operating officer at Jushi who also serves as the president of Jushi Canada.
“Being part of Jushi Group allows us access to a significant amount of technical and administrative resources,” Gardiner said.