Harvey, Ill.-based Atkore Inc. has acquired the assets of Lovelady, Texas-based Elite Polymer Solutions LLC, a manufacturer of polyethylene conduit, for $91.6 million.
The acquired company has about 55 employees and will continue operating at its current location, according to a news release about the deal.
Elite produces high density PE pipe, innerduct and conduit that provides pathways and protection for wires and cables for fiber optic, electrical and cable markets. The company also plans to make microduct for confined and internal spaces, according to the Elite website.
Elite primarily serves the telecommunications, utility and transportation markets.
"The acquisition of Elite Polymer Solutions strengthens our HDPE conduit product portfolio, expands our national presence and enables us to better serve increased demand for underground protection in the electrical, utility and telecom industries," John Pregenzer, president of Atkore's electrical business, said in the release.
Atkore President and CEO Bill Waltz added: "Atkore remains diligent in executing upon our capital allocation strategy to drive value creation for our shareholders through organic investments, M&A and stock repurchases."
Publicly traded since June 2016, Atkore officials had announced in November 2021 that they would spend $1 billion in cash on capital expenditures, acquisitions and stock repurchases over the next three years.
Atkore has been on an acquisition streak, most recently buying HDPE pressure pipe producer United Poly Systems in Springfield, Mo. That June deal was preceded by acquisitions of cable cleats injection molder Talon Products LLC in Hammond, La.; Four Star Industries in Allendale, S.C., an HDPE conduit maker; and Sasco Tubes & Roll Forming Inc., a Canadian manufacturer of metal framing and related products.
Last month, Atkore announced that it was spending $7.7 million to expand operations in Allendale, S.C.
On Aug. 2, Atkore officials updated the company outlook, saying they expected sales to be up about 32 percent for fiscal year 2022 compared to the prior fiscal year. In fiscal 2021, Atkore sales had increased $1.16 billion to $2.92 billion, which was an increase of 65.9 percent compared to $1.76 billion for fiscal 2020.
With an estimated $860 million of plastic pipe sales, Atkore ranks seventh among North American pipe, profile and tubing extruders, according to Plastics News data.