SPARTANBURG, S.C. (Sept. 25) — Sweden's Trelleborg A.B., through its Engineered Systems unit, plans to purchase Spartanburg-based Reeves Brothers Inc. in a deal worth about $178 million.
Reeves is made up of two equally sized divisions. The Engineered Fabrics unit makes polymer-coated fabrics for such applications as aerospace, personal protective equipment, the defense industry and fluid solutions. Its printing blanket business makes polymer-coated composite fabrics designed in several layers for use in commercial offset printing.
Reeves Brothers employs about 1,000 and posts annual sales of $192 million. It has two production units in the U.S. and one each in Italy and China.
The Reeves business will "correspond well with Trelleborg's core competencies" of sealing damping and protecting in demanding industrial environments, said Peter Nilsson, Trelleborg president and CEO.
The acquisition is subject to the fulfillment of certain terms and approvals from the appropriate authorities. It is expected to be completed during the fourth quarter.