ARLINGTON HEIGHTS, Ill. -- Composites One, North America's leading distributor of composites raw materials and value added services, announced it has signed a purchase agreement to acquire essential composites distribution assets from Nexeo Solutions, and the Nexeo Solutions dedicated composites distribution employees will join Composites One.
With this transaction, Composites One will be able to offer its product line, technical support, service and delivery to more customers in the U.S. and now, across all of Canada. 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 innovative and unique services it provides to composites manufacturers.
"We are looking forward to combining the talent and experience of both organizations and creating an even stronger platform to service all customers who produce products using traditional and advanced composite products. We will continue to work diligently to position ourselves as the supplier of choice to help our customers become more successful," commented Leon Garoufalis, President and COO of Composites One.
"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,” according to President and CEO David Bradley. “I believe the business and its employees will thrive as part of an organization targeting growth within the composites industry."
This transaction is expected to close on or about July 1, 2014.