Geosynthetics manufacturer Groupe Solmax Inc. has acquired Netherlands-based TenCate Geosynthetics, a supplier of polyethylene geomembranes, from Koninklijke Ten Cate.
"This transaction will increase [the companies'] products' use in civil engineering, road infrastructure, hydraulic and environmental works," Jean-Louis Vangeluwe, president of Solmax, based in Varennes, Quebec, said in an April 7 news release. "The size, capacity for innovation, geographic reach and resources of the new organization will further enhance the better position of geosynthetics as important products in the construction sector.
"This is a game-changer in the history of geosynthetic manufacturers that develop lesser-known engineered products that are essential to protecting the environment and developing infrastructure projects," Vangeluwe added.
"The long-term vision of Solmax around sustainability aligns very well with that of TenCate Geosynthetics, and I am energized to lead my team confidently into this new business environment where we can contribute even more value together," TenCate Geosynthetics CEO Wally Moore said.
Caisse de dépôt et placement du Québec (CDPQ) and Fonds de solidarité FTQ, Solmax's financial partners, will both invest in the transaction, the release said.
"Solmax is proof that protecting the environment and good-quality jobs can go hand in hand," Janie Béïque, president and CEO of Fonds de solidarité FTQ said. "Following the acquisition of TenCate, Solmax will offer even more innovative products that shield the soil, water and air from toxins and pollutants."
Solmax has an estimated $200 million in sales in North America, making it No. 34 in Plastics News' ranking of film and sheet manufacturers.
It marks the second recent major acquisition for Solmax. In 2018, it purchased GSE Environmental Inc.