MINNEAPOLIS (Jan. 23, 2012)—Recycled rubber roofing manufacturer Rubber Research Inc. has signed a letter of intent to purchase 100 percent of the outstanding common stock of Hi-Tek Rubber Inc., according to RRI.
“Hi-Tek has the capability and expertise to develop and support our ambitious plans for the manufacture and distribution of rubber-based roofing products,” said Werner Remmen, president of Rubber Research parent company Rubber Research Group Ltd.
The equity purchase agreement is to be completed, on the approval of both the RRG and Hi-Tek boards of directors, on or about Feb. 29, the company said. Once the sale is complete, Hi-Tek will be a wholly-owned subsidiary of RRG, it said.
The cost of the stock purchase was not disclosed.