Low and Bonar is to acquire Texiplast, a Slovakian producer of high strength woven, knitted and nonwoven geosynthetic products serving the civil engineering market, for €18.9 million.
Founded in 1938, Texiplast is a manufacturer of soil reinforcement, separation, filtration and erosion control products with 2012 sales of €12.7 million and earnings of €3.1 million.
The acquisition will enable Low & Bonar to become a more integrated provider of solutions for civil engineering projects and provide improved access to Texiplast’s principal Central and Eastern European markets.
In addition, Low & Bonar has announced the placing of 29,626,000 new Ordinary Shares of 5 pence each at a price of 69 pence per placing share, raising £20.4 million.