The William L Bonnell Company Inc., a subsidiary of Tredegar Corporation, has agreed to acquire 100% ownership of extruder Futura Industries Corporation on a net debt-free basis for approximately $92 million. Upon the closing of the transaction, which is expected by mid-February, Futura will become an operating division of Bonnell Aluminum.
“Following our successful acquisition of AACOA in October 2012, we have been actively searching for another acquisition that meets our stated goals for broadening our served markets and value-added capabilities,” said Brook Hamilton, President of Bonnell Aluminum. “In Futura, we have found a top-quality manufacturer with a very strong management team that will help us move toward our strategic objectives in both growth and diversification.”
Futura, headquartered in Clearfield, Utah, designs and manufactures a wide range of extruded aluminum products in primarily 6063, 6061, 6463, and 6005A alloys for a number of industries and end markets, including branded flooring trims and TSLOTS, as well as OEM components for truck grills, solar panels, fitness equipment, and other applications. In addition to operating two extrusion presses — a 7 inch, 1,850 ton UBE and a 9 inch, 3,500 ton Presezzi — the company also has a number of value-added capabilities, including: anodizing, powder coating, and painting; machining and fabrication; welding; assembly; engineering and design; and special packaging. The company also has 200,000 sq ft of warehouse space for potential storage of profiles. Futura has approximately 350 employees, and has a national sales presence and particular strength in the western U.S. The company was named the Utah Best Employer 13 years in a row.
Jared Bringhurst, president of Futura, stated, “We are thrilled to join forces with Bonnell Aluminum. The strong strategic fit extends to our similar customer-centric cultures and values, and this move provides an excellent platform for us to grow the business together.”