TOKYO—Bridgestone Corp. subsidiary Bridgestone Hose America Inc. has reached an agreement to purchase Masthead Industries L.L.C., which operates a network that specializes in hose sales and service.
Masthead is based in Orange Park, Fla., and operates the sales and service stores under the HosePower name. It has 34 locations throughout the U.S. and one in Mexico, according to Bridgestone. Founded in 1990, Masthead employs about 400 and posted 2013 sales of $102 million.
Bridgestone said the acquisition will enable it “to create value in hose operations by providing a timely supply of high-quality hoses to a wider range of customers while also offering support through specialized services.”
The agreement is a “natural evolution” as the companies have worked together since Masthead was launched, according to Bridgestone. Masthead's customers include end users, OEMs and those involved in mining activities.
Bridgestone began producing hoses in 1937 and now primarily deals in hydraulic hoses used in construction machinery and factories. It has eight manufacturing and assembly operations around the globe, including a Bridgestone Flowtech America hose assembly facility in the U.S.
The firm said it plans to expand sales of replacement hoses while developing a mining solutions business.