SCHAFFHAUSEN, SWITZERLAND (May 22, 3:55 p.m. ET) — For the second time in six months, Swiss industrial firm Georg Fischer AG has purchased a U.S.-based plastic pipe maker.
This time, Fischer has purchased Independent Pipe Products Inc. of Dallas. In a May 22 news release, officials with Fischer in Schaffhausen, Switzerland, described IPP as the leading U.S. provider of large diameter pipes and fittings in polyethylene.
No purchase price was disclosed in the deal. IPP operates plants in Dallas and in Abbeville, S.C. The 16-year-old firm employs 94 and has annual sales of more than $50 million.
IPP originally focused its business on large diameter PE fittings, officials said. In 2009, the firm expanded its product line to include large PE pipes, allowing IPP to offer a complete package for the water distribution market.
For Fischer, acquiring IPP “is a further step toward implementing our strategy,” Fischer CEO Yves Serra said in the release. “IPP has had a great success in supplying large-sized PE piping systems and ideally complements our offering,” he added.
In December, Fischer bought PVC pipe maker Harvel Plastics Inc. of Easton, Pa., in a deal valued at $50 million. Fischer employs 14,000 worldwide and has annual sales of about $3.8 billion. The firm traces its history back to 1802.