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2006-09-25 News Release
Polymers producer for engineered fabrics sells out A leading international player in the development and production of polymers coated, high precision materials for the rubber, silicon and polyurethane sectors has been purchased.
The Engineered Systems business area of Trelleborg, has signed an agreement
to acquire the American company Reeves Brothers Inc., with about 1,000
employees and annual sales of approximately SEK 1.4 billion. Reeves, with its head office in Spartanburg, South Carolina, has four
production units, of which two are in the US, one in Italy and one in
China. Reeves’ operation is divided into two divisions of equal
size: Engineered Fabrics – polymer coated fabrics with numerous
application areas such as the aerospace industry, personal protective
equipment, the defense industry and fluid solutions – and Printing
Blankets – polymer-coated composite fabrics designed in several
layers for use in commercial offset printing.
“The acquisition is another step in our strategy of growing in profitable industrial segments”, says Peter Nilsson, President and CEO of Trelleborg. “Reeves’ areas of operation are based on precision material that satisfy high demands for reliability, robustness and elasticity, which means that they correspond well with Trelleborg’s core competencies: to seal, damp and protect in demanding industrial environments. With printing blankets, the acquisition opens a new and growing market segment for us, while also generating synergies in existing operations. As a result of the acquisition, the Trelleborg Group’s structure is further improved.” “Printing blankets for the graphic industry is a very attractive segment for us, in which we will now expand our customer group based on our technology and applications know-how. Reeves has a very strong position in this consolidated, profitable and growing segment with high entry barriers,” says Lennart Johansson, Business Area President of Trelleborg Engineered Systems. “In total, Reeves provides us with a strong platform with excellent geographical cover; we gain a leading position in the US and establish ourselves in a rapidly growing market in China, while consolidating operations in Europe and creating favorable synergies. “Reeves’ earnings capacity is favorable and its operating
margin is higher than that of Trelleborg_Engineered_Systems The purchase price totals approximately SEK 1,300 M in cash. The acquisition is conditional upon the fulfillment of certain terms, and requires the approval of the appropriate authorities. The acquisition is expected to be completed during the fourth quarter of 2006. The operations will be integrated into Trelleborg Engineered Systems. Reeves is currently owned by a number of investment funds and separate
accounts that are managed by Oaktree Capital Management LLC.
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