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Creative
Pultrusions, Inc. Announces Proposed Acquisition
by Hill & Smith Holdings PLC
Alum
Bank, PA (August 26, 2008) –
Creative
Pultrusions, Inc. (“Creative Pultrusions”), a leading
manufacturer of high strength pultruded products, announced
today that its shareholders have entered into a stock purchase
agreement with Hill & Smith Holdings PLC (“Hill &
Smith”), a UK-based company listed on the London Stock
Exchange. Hill
& Smith is an infrastructure, galvanizing, construction and
building products company, with operations worldwide.
Under the agreement, Hill & Smith will purchase 100%
of the capital stock of Creative Pultrusions and, upon the
closing of the transaction, Creative Pultrusions will become a
wholly owned subsidiary of Hill & Smith, through its
US-based subsidiary, Hill & Smith Holdings, Inc.
Hill & Smith, through its
UK
subsidiary Redman Fisher, has shared a strategic relationship
with Creative Pultrusions since 2006 as a result of a marketing
and manufacturing agreement.
The marketing and manufacturing agreement has enabled
Redman Fisher to manufacture pultruded glass reinforced plastic
products at its Telford factory in the
UK
. Creative Pultrusions has over the last two years been
providing technological assistance to support Redman Fisher and
will now play a key role in the expansion of Hill &
Smith’s product offering.
Hill
& Smith’s global presence and ability to expand their
infrastructure and construction businesses further into
composites products made the acquisition of Creative
Pultrusions, Inc. a sound commercial and strategic move. The
companies share a common goal in expanding market share and
working closely with their end customers to provide innovative
solutions.
Mr.
Robert D. Sweet, Jr., founder and Chief Executive Officer of
Creative Pultrusions, will be retiring as chief executive
following completion of the transaction, but will continue to
serve the company as a consultant. He will be succeeded as chief
executive by Creative Pultrusion’s current chief operating
officer, Mr. Shane E. Weyant.
There
will be no other changes in the senior operational management of
the business.
Shane E. Weyant, chief operating officer of Creative Pultrusions, said, "We are excited to be
joining forces with Hill & Smith. We expect Hill & Smith’s worldwide reach will enable us to
enhance service offerings for our customers in the United States and around the world."
The
transaction is subject to the satisfaction of customary closing
conditions and is expected to be completed in September 2008.
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