Plastic lumber maker Tangent acquires rival Bedford Technology
The acquisition combines both business' innovation teams and expands their plastic lumber product lines.
In a deal involving two companies that use post-consumer HDPE as a feedstock, Aurora, Ill.-based Tangent Technologies has acquired Bedford Technology for an undisclosed amount.
Tangent manufactures HDPE lumber used for outdoor furniture, site amenities, structural applications, and marine decking. Worthington, Minn.-based Bedford is a lumber extruder for product lines also used in marine infrastructure projects, boardwalks, fencing, and other industrial applications.
The acquisition was completed at the end of February and announced on March 23.
“We are delighted to partner with Bedford and to expand the ranges and combined solutions of plastic lumber products,” Tangent CEO Guy DeFeo said in a press release. “With the addition of Bedford, we will build a broader facility footprint across North America as well as build one of the best alternative material innovation organizations for our customers.”
The two companies are currently using post-consumer milk bottles as the primary raw material as well as post-industrial recycled content, the statement said.
Tangent and Bedford will also seek to combine innovation teams. HDPE has become a leading substitute for traditional building materials in the exterior sector, the press release noted.