Silver-Line Plastics announced its shareholders have entered into a Share Purchase Agreement pursuant to which it will be acquired by IPEX.
Silver-Line Plastics is a manufacturer of plastic pipe products with production facilities in Asheville, North Carolina; Lawton, Oklahoma; and Fort Pierce, Florida. With this acquisition, IPEX will increase its market position in the U.S. with an expanded product portfolio serving a broader client base.
“Like IPEX, Silver-Line has a strong reputation in the marketplace for being customer focused and supplying high quality products," said Alex Mestres, CEO of IPEX. "This acquisition will significantly contribute to our growth objectives in the US. I am excited about the opportunities that our complementary businesses will offer our expanded customer base and look forward to welcoming the Silver-Line employees to our family.”
“I am truly honored to make this announcement," Silver-Line CEO Ricky Silver said. "The synergies between our two companies will provide our employees, customers and the market as a whole with a broader product offering, increased focus on customer service, and technology strengths that are world class. I cannot imagine a better fit. My Father, who co-founded our Company, agrees completely.”
The sale is subject to regulatory approval. Both parties agreed not to disclose the price and terms of the deal, and anticipate a completion of the transaction over the coming weeks.