Future Pipe Industries Group or FPIG reported signing a deal with ITT Exelis (XLS), to acquire 100% of the fibreglass reinforced pipe business, Specialty Plastics, Inc. or SPI.
Louisiana-based SPI is a supplier of fibreglass pipes and systems for offshore platforms and marine vessels. The takeover is a strategic addition to FPIG's composite pipe business and adds a significant new offering to its already extensive product range extending FPIG's global capabilities in the offshore rig and floating production and storage of oil market.
Chairman and Chief Executive of Future Pipe Industries Group stated, "The acquisition of SPI is in line with our strategy of organic growth coupled with the acquisition of other complementary businesses which have prominence and demonstrated technical excellence in their own markets. The acquisition of SPI will further enhance our existing manufacturing and sales operations in the US and expand our reach within the Oil & Gas sector."
For comments and feedback: editorial@rttnews.com