Inoac USA Inc. has acquired ABC Technologies' 50-percent equity in its former joint venture with the company, Inoac Exterior Systems.
The venture is now a wholly owned Inoac entity, Rob DePotter, president of Inoac USA, told Plastics News, a Rubber News sister publication, in an email.
"We will be fortifying the leadership of the company, but largely intend to maintain the leadership team in place," DePotter said in the email. "We are thrilled to be standing up the former JV as an independent company and excited about our future."
"Inoac has had a long history in this exteriors business through multiple partners, and have always considered the company integral to our growth strategy in North America," he added. "The team at Inoac Exterior Systems is thrilled to be fully re-joining the Inoac family. … We wish ABC and their leadership team all the best in their future endeavors.
The company declined to comment on the terms of the acquisition.
The deal adds four facilities and 1,200 employees to Inoac USA, according to a Feb. 20 news release.
"The acquisition places Inoac in a strong position to leverage scale across our North American businesses and manufacturing footprint," DePotter said in the release.
Toronto-based ABC Technologies declined to comment on the sale.
Inoac specializes in polyurethanes, polyolefins, elastomers, plastics and composite materials for automotive interiors, exteriors, consumer products, medical, construction and other markets.