ZCL Composites buys U.S. FRP parts manufacturer

Edmonton-based ZCL Composites Inc. announced January 22 it is acquiring Xerxes Corp., a designer and manufacturer of fibreglass-reinforced plastic (FRP) structural products for the petroleum, chemical, water and wastewater industries, headquartered in Minneapolis, Minn., for $47.8 million.
Xerxes has over 260 employees operating in five principal locations in Minnesota, California, Texas, Maryland and Iowa.
ZCL’s acquisition of Xerxes is part of its strategy to acquire complementary or competitive businesses with attractive margins and strong growth prospects that will boost its ability to deliver a full spectrum of products to customers in the U.S.
The deal is expected to close February 28.