Maax, a Canadian manufacturer of bathroom products and accessories, has signed an agreement to acquire all of the outstanding shares of Aker Plastics, the third largest US manufacturer of fibreglass bathroom equipment.
This acquisition will add over Cdn$115 million to Maax’s annual sales, which totalled Cdn$518.5 million for the fiscal year ended February 28, 2002.
Scheduled to close on October 25, 2002, the transaction is subject to regulatory approvals and a due diligence review of operations. However, Aker Plastics’ financial results will be accounted for retroactive to September 1st, 2002.
Aker Plastics employs some 800 employees in three plants: one in Martinsburg, West Virginia, and two in Plymouth, Indiana.
The acquisition of Aker will provide Maax with a strategic stronghold in the US North East and Midwest, while making it one of the top three manufacturers of fibreglass and acrylic bathroom products in the US.