Minneapolis, Minnesota - Graco Inc. announced 28 Feb that it has completed its $35-million acquisition of GlasCraft Inc., a subsidiary of Cohesant Technologies Inc.
According to Graco's president and chief executive officer Patrick McHale, "GlasCraft is a well respected company we have been interested in acquiring for several years."
The two groups' products, brands and engineering capabilities complement each other, "creating an opportunity to leverage each company's unique strengths," the Graco boss continued.
The purchase price includes some assumed debt and transaction costs. The deal involved a shareholder-approved merger with Cohesant Technologies, and a spin-off of all non-GlasCraft business operations.
Minneapolis-based Graco said that, "GlasCraft developed the first spray system for the composites manufacturing industry nearly 45 years ago and today manufactures and sells industry-leading solutions for both open and closed-mould applications."
GlasCraft also makes high-performance dispensing systems for the polyurethane foam and polyurea coatings industries. It ewmploys about 70 people and has annual sales of about $18 million.
McHale added, in a statement from Graco, that Glascraft has a presence in the global composites market as well as in the PU foam and polyurea coatings markets.
Graco Inc. supplies equipment for fluid dispensing in both industrial and commercial applications, making systems and equipment to move, measure, control, dispense and spray fluid materials.
The group expanded its activities in polyurethane equipment in recent years, buying the Gusmer-Decker reaction injection moulding business in 2006.