Teel Plastics Sells Pultrusion DivisionApril 4th, 2012 | Category: Featured Content
Teel Plastics Inc., based in Baraboo, Wis., announced the sale of its pultrusion division to Australian company Razor Composites LLC. Razor Composites is owned by James Hardie Industries, which is a $1.25 billion dollar international fiber cement building products company listed on the Australian Securities Exchange and the New York Stock Exchange.
“We are very pleased with the interest that Razor Composites and James Hardie have shown in Teel’s pultrusion division and our new product developments,” says Jay L. Smith, chairman of Teel Plastics. “James Hardie has the network in place to take these developments to the next level. The change will allow Teel to focus more on the opportunities in its core business of plastic extrusion. This is a wonderful opportunity that will benefit the employees, Baraboo and the state of Wisconsin.”
James Hardie Industries made its own announcement about the sale and said “it has acquired the assets of a U.S. business engaged in the pultrusion of fibreglass profiles. In 2011 the business had sales revenue of approximately US $8 million. Under James Hardie’s ownership, the business will trade under the name Razor Composites LLC. The acquired assets will be part of a potential new business development platform in non-fibre cement building materials in the USA.”
“Razor Composites will proudly continue the tradition of high-quality fiberglass pultrusions established by Teel Plastics,” says Erik Booth, director of business development. “James Hardie believes that a world class pultrusion manufacturer will provide an additional platform to achieve its vision in the building materials industry.”
Razor Composites plans to grow the Baraboo-based business, leveraging the deep knowledge and commitment to excellence of its employees to expand into new markets for pultruded products, according to a statement from Teel.
Teel Plastics, a Smith Family business, will continue to own and operate its Baraboo-based custom plastic extrusion business, natural fiber composites compounding and extrusion business, laboratory sampling products business, and the analytical laboratory testing services in Baraboo.
The statement from James Hardie Industries also said that the company intends to provide further details on the acquisition with its results for the year ending March 31, 2012.