Trelleborg A.B. has agreed to buy Seaward International Inc., the Clearbrook, Va.-based producer of marine fenders, for an undisclosed price.
Seaward International, which employs 60, makes dock and floating fenders at two plants in the Winchester, Va., area, reporting about $22 million in annual sales. The business, Trelleborg's second acquisition in the marine fender industry in the past 18 months, will operate through Trelleborg's Engineered Systems division.
The deal supports and strengthens Trelleborg's goal of being the world leader in marine fenders, and will provide Seaward with significant growth opportunities in the international market, Georg Brunstam, president of the Engineered Systems unit, said in a news release.
The acquisition will take the form of an asset-transfer transaction, and the deal should close soon, Trelleborg said. Representatives of Seaward weren't available for comment on the deal.
Founded in 1973, Seaward makes buoys, fendering systems and other marine products from elastomers and plastics, including polyethylene and polyurethane.
In early 2001, Trelleborg bought a three-company manufacturing group that produces the Fentek line of marine fender systems. That acquisition-which includes Hercules Rubber & Chemicals in Singapore, Fentek Marine Systems in Germany and Queensland Rubber in Australia-expanded Trelleborg's fender and related business by about $23 million annually.
Fentek is considered the market leader in Europe and Oceania and No. 2 globally, Trelleborg said. Besides marine fenders, the Fentek companies also make other infrastructure construction products, such as bridge bearing systems and tunnel seals.
Trelleborg rates Bridgestone Corp. as the No. 1 company worldwide in fenders by sales, with other major competitors being Sumitomo Rubber Industries Ltd. and Metso Trellex (formerly Trellex Morse and part of Finland's Metso Corp.). The global market for fenders is estimated at about $110 million to $165 million.
Among Seaward's marine fender products are Sea Cushion, Sea Guard and Donut fenders and Seafloat buoys.
The firm's Elastomer Technology Division fabricates special elastomeric materials designed for performing unique functions, such as anechoic materials to reduce noise and unwanted acoustic reverberation in underwater test tanks or specialty elastomers formulated so that ice will not stick to them.
The Technical Urethanes Division produces castable and sprayable urethanes used worldwide as protection wherever high resistance to abrasion and corrosion is needed.