BARABOO, WIS. (April 2, 2:25 p.m. ET) — International fiber-cement products major James Hardie Industries SE has entered the fiberglass composites market by buying the pultrusion division of Teel Plastics Inc.
James Hardie announced the deal April 2. It did not disclose terms but said it will provide more information when it announces its financial results for the year ended March 31. James Hardie has renamed the pultrusion business to Razor Composites LLC.
“Razor Composites will proudly continue the tradition of high quality fiberglass pultrusions established by Teel Plastics,” said James Hardie director of business development Erik Booth in a news release issued by Teel Plastics. “James Hardie believes that a world class pultrusion manufacturer will provide an additional platform to achieve its vision in the building materials industry.”
The pultrusion business has been successful making highly complex profiles while also producing efficiently commodity shapes, allowing it to compete with overseas producers, Teel explained.
Razor plans to keep its current employees at the pultrusion plant on Lake Street in Baraboo.
“James Hardie has the network in place to take (new developments) to the next level,” noted Teel Chairman Jay Smith in a news release. “The change will allow Teel to focus more on the opportunities in its core business of plastic extrusion.”
James Hardie has several international offices. Its base in North America is Mission Viejo, Calif. The firm's annual sales are about US$1.25 billion. It is listed on the Australian Securities Exchange and the New York Stock Exchange.