Home / Knowledge / News / Textiles / TenCate finalizes acquisition of Composix
TenCate finalizes acquisition of Composix
01
Feb '08
Following the press release of December 11, 2007, Ten Cate Advanced Composites USA announces the closing of the acquisition of Composix Co. (Newark, Ohio, USA).

Composix is a market leader in the growing armor market in the United States. Composix produces advanced armor solutions from composite and ceramic materials for the protection of humans and vehicles, ships and aircraft.

Amongst others, Composix currently supplies US Government contractors with armor solutions for high profile military programs such as the Up Armored Humvee (HMMWV), Mine Resistant Ambush Protected Vehicle (MRAP) and the Stryker Light Armored Vehicle.

The purchase price is approx. US$ 70 million with potential for additional incentives tied to the financial performance of Composix in 2008 & 2009.

The level of investment that TenCate considers necessary for the further growth of the company in the years ahead has been one of the determining factors in the takeover price.

Total revenues 2007 for Composix were in excess of US$ 100 million and it is expected that Composix will provide an immediate accretive benefit to TenCate's earnings in 2008.

Composix' EBIT margin is comparable to that of TenCate's other composites companies. The acquisition will be financed through the credit facilities of TenCate.

As a result of the acquisition of Composix and the acquisition earlier in 2007 of Roshield (Denmark), TenCate succeeded in its strategic intentions to build a strong vehicle armor position within the USA and other global markets for vehicle armor.

Furthermore the synergistic effect between the personal and vehicle armor businesses of Ten Cate Advanced Composites and Composix strengthens Ten Cate's market position considerably in the strategically important USA Armor market, as well as in the European and Asian Armor markets

TenCate stands by its statement for 2007 made earlier that net profit (adjusted for the result on divestments) is expected to increase by at least 25%, barring unforeseen circumstances.

TenCate

Must ReadView All

Apparel/Garments | On 18th Jan 2017

Government considering 100% FDI in single brand retail

The Government of India is looking at allowing 100 per cent foreign...

Courtesy: Walmart

Apparel/Garments | On 18th Jan 2017

Walmart to create 34,000 new jobs in the US

The world’s biggest retailer and also the biggest US private sector...

Courtesy: UN Department of Public Information

Textiles | On 18th Jan 2017

World economy expanded by just 2.2% in 2016: UN

The world economy expanded by just 2.2 per cent in 2016, the slowest...

Interviews View All

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search