FORT WORTH, TEXAS (June 8, 1:10 p.m. ET) — Mitsubishi International Corp. has acquired Cantex Inc., a major producer of PVC conduit and related products.
No purchase price was listed in a June 4 Cantex announcement. Cantex had been owned since 1992 by Japanese conglomerate Sumitomo Corp.
In the announcement Cantex President Don Wirtanen said “it's business as usual” at Fort Worth, Texas-based Cantex. The firm “continues to maintain the same keen interest in plant safety and providing the Cantex Inc. team with a great place to work,” Wirtanen said.
With the acquisition, “it's the same team making the same products in the same plants being sold by the same sales reps,” he added.
The firm is North America's 28th-largest maker of plastic pipe, profile and tubing, with annual sales estimated at $125 million, according to Plastics News' most recent ranking.
Cantex employs about 600 at plants in Mineral Wells, Texas; Auburndale, Fla.; Aurora, Ohio; and Kingman, Ariz. In 2009, Cantex closed a 48-employee plant in Rolla, Mo. During the recent economic recession, Cantex avoided additional permanent closings by shutting down plants on a temporary, rotating basis.
The firm had moved its headquarters from Mineral Wells to Fort Worth in 2006. In addition to PVC conduit, Cantex's products include fittings, utility ducts and outlet boxes.
The business started more than 40 years ago and was a unit of Harsco Corp. before being sold to Tokyo-based Sumitomo.
Mitsubishi International is a New York-based investment unit of Japanese conglomerate Mitsubishi Corp. of Tokyo. Company officials could not be reached for comment.