NEWMARKET, Ontario—AirBoss of America Corp. plans to purchase all the shares of Flexible Products Co. for about $51 million in an all-cash transaction.
The companies hope to close the deal within two to three weeks, according to Robert Hagerman, president and CEO of AirBoss.
Flexible Products—based in Auburn Hills, Mich.—manufactures anti-vibration rubber and synthetic rubber products, including dampers, bushings, boots and isolators used to eliminate or control vibration and noise, and enhance comfort. It primarily serves the automotive sector.
The acquisition is expected to be immediately accretive to Newmarket-based AirBoss' earnings, Hagerman said. AirBoss anticipates Flexible Products will generate sales of between $100 million and $110 million and earnings of between $8 million and $9 million for 2013.