Material supplier Victrex plc has acquired U.S.-based polymer-gears specialist Kleiss Gears Inc.
The purchase price was approximately US$6 million in cash.
Victrex said the acquisition of Kleiss, which has over 20 years’ experience of design and precision molding capability in gears, is in line with its strategy of moving further downstream and investing in growth acceleration opportunities for its pipeline projects.
“It offers the opportunity to accelerate Victrex’s PEEK gear proposition to the automotive industry, in line with our aim to double the amount of PEEK volume in cars over the medium term,” the company said in a statement.
Victrex is headquartered in Thornton Cleveleys, U.K.
For its 2014 financial year, Grantsburg, Wis.-based Kleiss reported revenues of approximately US$4 million and employed 26 people. The company specializes in replacing and complementing metal gear systems with high-performance engineering polymer gears.
Victrex is a world leader in high-performance PEEK-polymer based solutions with more than 35 years of experience. The company serves a diversified range of markets such as automotive, aerospace, electronics, energy and medical.
