The financial details of the acquisition have not been disclosed.

Performance Materials Corporation Baycomp (PMC Baycomp), based in Camarillo, California, is the result of a merger between PMC and Baycomp, founded by Saint Gobain in 1985. PMC produces moulded parts from thermoplastic composite materials for a range of applications. Baycomp specialises in the manufacture of thermoplastic unidirectional (UD) tape materials for applications in the automotive sector, oil and gas industry and other industrial applications.

TenCate Industrial Composites develops thermoplastic and thermoset prepreg composites for various industries. It has production facilities in North America and Europe.

TenCate says it intends to expand the revenue potential of PMC Baycomp in the near term, especially in new market opportunities, such as the oil and gas sector and the mobility sector. TenCate will also start production of similar UD tape materials in Europe, in order to prepare for new opportunities in European industrial markets.

"TenCate is leading in thermoplastic composites for applications in the aerospace industry, but the need for economical thermoplastic high performance composite materials outside these areas is rapidly expanding, reports Dave Clarke, Group Director TenCate Advanced Composites.

"This acquisition will broaden the activity base of TenCate in composite materials, especially in industrial applications such as the automotive sector and in the oil and gas industry', he says.

TenCate expects the purchase of PMC Baycomp to be completed on, or before, 2 April 2012.