Posted August 24, 2011
Reid Supply to be acquired
Speciality plastics and fibers maker Filtrona plc said Wednesday it will buy U.S-based industrial components supplier Reid Supply Company for up to $32 million.
Filtrona said $30 million is payable on completion, with the balance subject to 2012 performance targets.
Reid Supply, based in Muskegon, Mich., is a distributor of industrial components such as handles, clamps and fasteners to a range of markets and customers via catalogs.
Filtrona said the business complements its Protection & Finishing Products division.
"These products will significantly enhance PFP's offering both in the U.S. and Europe, with Reid Supply's customers also gaining access to PFP's U.S. distribution network and product range," said chief executive Colin Day.
Headquartered in Milton Keynes UK, Filtrona plc is international supplier of speciality plastic and fibre products with four operating divisions: Protection & Finishing Products, Porous Technologies, Coated & Security Products, and Filter Products.
