Tangent Technologies LLC, a manufacturer of high density polyethylene lumber, has acquired extruder Bedford Technology LLC.
The sale was completed at the end of February and announced March 23 by private equity firm Sterling Group, which owns Tangent. Terms were not disclosed.
Aurora, Ill.-based Tangent makes HDPE lumber used for outdoor furniture, structural applications and marine decking. Bedford is a plastic lumber extruder for product lines also used in marine infrastructure projects, boardwalks, fencing and other industrial applications.
In a news release, Tangent CEO Guy DeFeo said: "We are excited to partner with Bedford and expand the combined plastic lumber product lines and solutions. With the addition of Bedford, we will build a broader facility footprint across North America as well as build one of the best alternative material innovation organizations for our customers."
Both companies currently use post-consumer milk bottles as their primary raw material along with post-industrial recycled content, the release states.
The acquisition will allow both companies to increase more sustainable manufacturing capabilities, Jeff Breitzman, president and CEO of Bedford, said in the release.
Tangent and Bedford will also seek to combine innovation teams aimed to expand lines using alternative materials. HDPE has become a leading substitute for traditional building materials in the outdoor sector.
Tangent was No. 55 on the most recent Plastics News ranking of North American pipe, profile and tubing extruders. It had estimated 2018 sales of $62 million, but the company has made several acquisitions since the ranking, including Home & Leisure plastic lumber furniture and distributor Vinyl Tech. Prior to the Bedford deal, Plastics News estimated its sales at $120 million.
Bedford Technology LLC ranked No. 96 with estimated sales of $25 million.
