Andersen Establishes Custom Pultruders as New Subsidiary
After completing the acquisition of the assets of Composite Technologies of America Inc. at the end of June, Andersen Corp. has established Custom Pultruders Inc. as a standalone subsidiary.
Composite Technologies, based in Aurora, Ohio, was a long-time supplier to Andersen of window and patio door parts made of fiberglass-reinforced plastic pultrusions. It also supplied specialty shape, thin-wall fiberglass pultrusions for other industries. It was most recently owned by Resilience Capital Partners, a Cleveland, Ohio, based private equity firm.
Prior to the purchase by Resilence, the company was known as Omega Polymer Technologies. It had filed for bankruptcy protection in August 2006 when the private equity group stepped in to keep the operation going.
In its initial announcement of the Composite Technology acquisition, Jim Humphrey, Andersen chairman, president and CEO said, “CTA and its predecessors have been an important supplier to Andersen for about 25 years. This purchase allows us to ensure continuity of an important element of our operations."
"The management and employees of CTA have effectively worked together to achieve many accomplishments over the last several years and we are excited in anticipation of completing this transaction with Andersen Corp.,” said Steven H. Rosen, Co-CEO of Resilience.
Terms of the agreement were not disclosed. Renaming the operation Custom Pultruders Inc., Andersen expects the business to continue serving its customer base for water treatment systems, playground equipment, freezer doors and business lighting components, in addition to supplying components for its window and door products, officials note.