The Protech/Oxyplast Group of Montreal, Canada say they have reached an agreement to purchase the thermoplastic powder and liquid coatings businesses of the Thermoclad Company of Erie, Pennsylvania.
Thermoclad is a global leader in the production and marketing of PVC powder coatings for fabricated metals such as fencing and dishwasher racks. The company also develops environmentally safe paints as well as other thermoplastics such as nylon and co-polyesters.
“Thermoclad’s leading position in thermoplastics and especially PVC powder coatings will add a new dimension to our growing powder business,” said David Ades, Managing Director of Protech. “We are excited about the opportunities and synergies which will be generated.”
“Thermoclad has a 50 year history in protective coatings as well as valuable relationships we expect Protech will benefit from,” said Martin Renkis, chairman of the Thermoclad Company and son of founder Alan Renkis. “My father immigrated from Latvia after World War II and came to Erie as a young man. From his start as a local paperboy to becoming a leader in the Erie business community, Dad always had a strong sense of pride in his work, especially in the ground-breaking technologies Thermoclad developed. Our family is pleased to see another successful family-run company like Protech continue Thermoclad’s tradition of innovation and keep our dedicated employees here in Erie.”
Protech will maintain Thermoclad’s liquid and powder manufacturing operations in Erie, PA. The transaction is expected to close in mid-December 2012.