Creative Pultrusions buys Tower Tech Inc.

Creative Pultrusions Inc. has again expanded its downstream business in fiberglass-reinforced thermoset profiles through acquisition.

CPI bought Tower Tech Inc., an Oklahoma City firm specializing in modular cooling towers for process industries and related markets. CPI announced the deal on Aug. 15 but did not disclose terms of the purchase.

The acquisition was the second for Alum Bank, Pa.-based CPI this year. In March it bought Kenway Corp. of Augusta, Maine. That purchase expanded its custom manufacturing and field servicing business. Kenway's products are large structures sold to infrastructure, power generation, marine installations and similar markets that can overlap Tower Tech's markets.

CPI has been making FRP profiles for Tower Tech for 20 years. CPI CEO and President Shane Weyant said in an email that his firm also plans to continue making profiles for other cooling tower manufacturers. Weyant stated his company is hunting for more downstream acquisitions.

Tower Tech's products are easy to install and boast very low operating costs, the firms claimed in a news release. Long service life, low maintenance and redundant cooling systems are other advantages claimed for the 2,500 factory-assembled towers sold by Tower Tech since it began production in 1985. The purchased firm will become a division of CPI.

"[Tower Tech] products and manufacturing are a perfect fit for CPI's strategic focus and growth moving forward with our global composite group," Weyant noted in a news release. CPI is a subsidiary of Hill & Smith Holdings plc of Shirley, England, which makes infrastructure products and offers galvanizing services at locations in the United States, United Kingdom, Europe, Australia and India.

"I am excited for the opportunity to expand our business through new product development," said Tower Tech vice president of operations and administration Mathu Solo in a news release.

» Publication Date: 22/08/2017

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