Composite raw materials distributor Composites One has acquired essential composites distribution assets from chemical and plastics distributor Nexeo Solutions, a deal which also includes Nexeo Solutions’ composites distribution employees.
The terms of the purchase have not been disclosed.
“With this transaction, Composites One will be able to offer its product line, technical support, and service and delivery to more customers in the U.S. and now, across all of Canada,” Arlington Heights, Ill.-based Composite One said in a statement. “Serving the entire composites marketplace including custom fabrication, marine, transportation, and aerospace markets, Composites One will now be in a better position to expand the services it provides to composites manufacturers.”
“This divestiture reflects Nexeo Solutions strategic direction and fuels our multi-year transformation and commitment to expand our presence in key end markets and differentiate ourselves in the marketplace,” Nexeo president and CEO David Bradley said. “I believe the business and its employees will thrive as part of an organization targeting growth within the composites industry.”
The transaction is expected to close on or about July 1, 2014.