MIDDLETON, England (Dec. 10) — British Vita P.L.C. is buying the polyurethane systems business of Chattanooga, Tenn.-based Synair Inc. to complement its Hyperlast PU systems business in North America.
British Vita, a maker of industrial plastics and foams, is spending $28.3 million to buy Synair, perhaps best known for its Tyrfil polyurethane fill for industrial tires. The purchase also includes Synair's Preston, England-based Chemical Innovations Ltd. (CIL) subsidiary, which makes high-performance bonding agents.
The transaction was financed from existing cash and debt facilities, according to a Vita statement. Combined sales for Synair and CIL in the year ended Sept. 30 were $33 million, with operating profit of $3.7 million, Vita said. Net assets acquired are $12.5 million.