Icon buys hose, molded goods manufacturer

CAMBERLEY, England (Aug. 4)—Icon Material Technologies has bought hose and molded goods maker William Warne Ltd. of Barking, England, in a deal worth $16.5 million. The purchase is the first step in Icon´s declared ambition to become a $75 million to $90 million a year rubber processing business within five years, according to Managing Director Richard Gogerty. Together, Icon and Warne should produce sales of about $15 million, 80 percent from 150-year-old Warne and the remainder from 1-year-old Icon. "To get from this figure to the projected 2005 sales, we expect to make a significant number of acquisitions," Gogerty said. Icon intends to aim "very much at the top end of the market—specialist companies working in specific niches," such as pharmaceutical, defense or specialist automotive applications, Gogerty said.