Georg Fischerannounced that it has agreed to acquireHarvel Plastics Inc., a leading supplier in the North American market for industrial PVC and CPVC pipe. This agreement furthers GF Piping Systems business worldwide, which involves plastic and metal fittings, valves and shut-offs for water, gas and other liquids.
The company will acquire 100% of the issued and outstanding shares of Easton, Penn.-based Harvel Plastics for approximately $50 million in cash. The top-quality products of Harvel are mainly used in water treatment and chemical processes. Closing of the acquisition is anticipated for the beginning of 2012.
The product ranges of Harvel and GF Piping Systems are fully complementary and will allow the combined entity to offer a comprehensive package of PVF, sensors and instrumentation to all its industrial piping systems customers. In addition, the plant locations of Harvel in Pennsylvania and California together with Georg Fischer’s Arkansas facility will allow for a much better logistical coverage of the U.S. territory.
“Both Harvel and Georg Fischer share a common vision for quality-driven innovation,” saidEarl Wismer, Harvel CEO. “Joining the GF family will allow us to continue to expand our product line and further extend our reach - offering expert piping solutions throughout the global marketplace. We look forward to the exciting opportunities this relationship presents, both for our valued customers and for our continued growth.”
For the full press release,read here.
Source: Georg Fischer
