The Protech/Oxyplast Group of Montreal, Canada, has reached an agreement to purchase the thermoplastic powder and liquid coatings businesses of the Thermoclad Company, based in Erie, Pa.
Protech is one of the world's largest producers of powder coatings, with manufacturing facilities across the globe. 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.”
Martin Renkis, chairman of the Thermoclad Company and son of founder, Alan Renkis, was equally optimistic about the deal. In particular, he cited Thermoclad's 50-year history in protective coatings as well the valuable relationships the company has developed over time.
"My father immigrated from Latvia after World War II and came to Erie as a young man," Renkis recalled. "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.