Mexichem acquires Canadian plastic pipe manufacturer
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Mexichem announced that it acquired Canada-based plastic pipe manufacturer Gravenhurst Plastics Ltd. (GPL), furthering the company’s global growth model with bolt on acquisitions in value-added specialty products.
GPL is based in Gravenhurst, Ontario (outside Toronto) with a secondary location in Temiskaming, Ontario.
Established in 1968, GPL supplies High Density Polyethylene (HDPE) conduit and innerduct for fiber optics as well as building supply products to the Canadian market. During 2015 GPL generated US$ 15 million in revenues.
Mexichem aims to consolidate GPL under its Fluent Business Group and will upgrade GPL’S facilities.
"Our Fluent Business Group with high-tech Dura-Line brand provides a pathway for connectivity via a scalable design to accommodate high bandwidth demands for the ‘Internet of Things’," said the Mexican company in a press release.
Mexichem’s Dura-Line brand is a world leader in HDPE conduit, duct and pressure-pipe solutions for telecom, data communications and infrastructure industries, specializing in facilitating enhanced networks for tier-one communication companies.
Mexichem’s Fluent Business Group has annual revenues of US$3 billion in the last twelve months as of September 2016 and is a leader in value-added pipe and fitting solutions serving water, datacom and infrastructure markets worldwide.
The addition of Gravenhurst will establish a presence for Fluent in Canada and will provide a platform to expand all of Mexichem’s businesses in that country.
“Gravenhurst’s telecommunication products complement Mexichem’s Fluent offerings,” said Paresh Chari, President of Fluent Business Group. “Gravenhurst’s longstanding relationships in the Canadian market will enable us to expand Fluent’s international footprint, leveraging world –renowned Dura-Line branded products, while preserving Gravenhurst’s local presence.”
Mexichem is one of the world’s largest chemical and petrochemical companies. A leader in the manufacture and supply of plastic piping, it contributes to global development by delivering an extended portfolio of products to high growth sectors such as infrastructure, housing, datacom and water cycle management.
With operations in over 30 countries worldwide and more than 18,000 employees, Mexichem has annual revenues of US$ 5.7 billion and has been traded on the Mexican Stock Exchange for more than 30 years.