Moonachie, New Jersey -- Reticulated polyurethane foam specialist Crest Foam Industries has been acquired by Inoac USA, a manufacturer of synthetic foam, rubber and plastics, a 13 Jan Crest Foam statement said.
Since 1997, New Jersey-based Crest Foam has been jointly owned by the UK-based Vita Group, holding an 80-percent share in the company, and Inoac Corp. Japan, with a 20-percent share. Inoac USA's acquisition of the rest of Crest Foam's shares took effect 13 Jan 2010.
According to the statement, Crest Foam will continue to operate as a stand-alone entity and will retain its current management team and staff. "The acquisition indicates a strong confidence in Crest's business and growth prospects," the statement said.
"We at Crest are very excited about the new ownership as it will significantly broaden our product portfolio and create new opportunities to serve our customers' needs globally," Crest Foam said.
Japanese polymer group Inoac has annual group sales of around $2500 million and has been involved in PU technology and manufacturing for 60 years. (RD)