The UK-based Heywood Williams Group is to sell off US based Bristolpipe Corporation to a subsidiary of Houston, Texas-based Westlake Chemical Corporation for $33.0 million (£18.2 million).
Bristolpipe produces extruded PVC and ABS pipe products for a range of applications including domestic and commercial DWV (drainage, waste and venting), underground water and sewer pipe and telecommunications cable ducting.
Based in Elkhart, Indiana, it operates three manufacturing plants located in Indiana, Pennsylvania and Georgia, and has approximately 200 employees.
For the year ended 31 December 2003, Bristolpipe generated an operating profit of $3.9 million (£2.4 million) on turnover of $114.1 million (£70.4 million).
It is expected that Bristolpipe will generate an operating profit of approximately $3.3 million (£1.8 million) for the first half of 2004.
The closing of the acquisition is subject to the approval of the shareholders of Heywood Williams and the satisfaction of customary closing conditions.