GCP Applied Technologies (GCP) Acquires Halex Corporation in $47M Deal
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GCP Applied Technologies Inc. (NYSE: GCP) announced that it has completed the acquisition of Halex Corporation for $47 million. Halex is a supplier of flooring products with annual net sales of approximately $45 million, and is best recognized for its proprietary VersaShield® rolled moisture barrier flooring membrane.
VersaShield protects flooring from moisture and alkalinity-related damage, and its membrane is highly regarded in the industry for its strong performance, and ease and speed of installation. Halex is also known for its ORCON® seam tapes and other accessory flooring installation products.
“Our plan to build on the success of the VersaShield product line fits well with our broader goal of creating new product categories that change the way the industry approaches building protection solutions,” said GCP President and CEO, Gregory E. Poling. “Providing customers with differentiated products for interior environments opens new growth opportunities in the building envelope.”
“Halex is a great fit for GCP because it offers high-performance products that allow us to fully leverage our existing sales and distribution channels. The company also shares our emphasis on providing a high-touch customer service model, coupled with technical service capabilities required to support specifiers and owners,” said Zain Mahmood, President of GCP’s Specialty Building Materials business.
“GCP is known for our exterior building products, like Preprufe® membranes, Ice & Water Shield® underlayments, and, more recently, Silcor® liquid waterproofing. Adding an interior moisture barrier offering is a natural extension to our product range,” said Mahmood. He went on to add that “our products are used for specialty applications in both new construction and renovation projects, including commercial, residential, and infrastructure. Halex’s product application focus will allow us to increase our penetration into the repair and renovation segments.”
Halex Corporation has three North American sites located in Ontario, California, Calhoun, Georgia and Bensalem, Pennsylvania.
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