Industrial textile specialist Saurer A.G. has agreed to buy Day International Inc.'s Textile Product Group business, which makes rubber products for the yarn-spinning and glass-fiber-forming industries.
The acquisition is subject to regulatory approval and expected to be completed by the end of May, the companies said. The financial terms weren't disclosed.
Day's textile products-including rubber cots, aprons, compressive shrinkage belts and other fabricated rubber products-are marketed under the Accotex and Daytex brands. They represent about $45 million in annual sales.
The Textile Products Group employs about 270 at plants in Greenville, S.C., and Munster, Germany, and in sales offices in Italy, Turkey and Hong Kong.
Saurer said the deal allows the company to complete its components business, and offer all parts with direct influence on yarn quality on a ring-spinning machine as a package.
Arbon-based Saurer makes machinery and systems for spinning, texturizing, twisting and embroidery.