ASHTABULA, Ohio—Grand River Rubber & Plastics Co. in Ashtabula, a maker of washers, gaskets and vacuum cleaner belts, has acquired the flat belt drive division of a United Kingdom company, Icon Polymer Ltd.
This acquisition helps employee-owned Grand River Rubber expand its global reach into Europe, the company said in a news release. Grand River Rubber employs about 200 and has annual sales of about $45 million.
Icon Polymer, based in Retford, Nottinghamshire, has pioneered technology in drive belts, including a low tension range of belts using what it calls "LoTenz" technology, according to Grand River Rubber. The sale solidifies the UK company's focus on the aerospace and defense industries.
Grand River Rubber said the companies plan to pursue other collaborative projects in the future.
Richard Selip, president of Grand River Rubber, said in a statement, "As a corporation which has seen niche markets as its best opportunity to provide value to its customers and opportunity to its employee owners, the acquisition of the Icon Polymer flat drive belt business is a logical next step in pursuing this strategy. We welcome the opportunity to grow our business in this segment, and are excited about increasing the value proposition to our global customers."
Terms of the acquisition were not released.