BOND IT OPENS FOR BUSINESS IN THE U.S.
Manufacturer of sealants, adhesives and building chemicals, Bond It has created a new business in the United States.
Seal It Services Inc., based in Fort Lauderdale, Florida, will be used by Bond It to open up increased export opportunities for its range across the North American continent.
Specific products offered by Seal It Services Inc. will include ER™ Tape. Originally developed for the U.S. military, this self-fusing silicone rubber tape is well-known and highly regarded throughout America thanks to its ease of use and versatility.
It can be used to carry out fixes and repairs across an enormous variety of plumbing, electrical, automotive and marine applications.
As part of the formation of Seal It Services Inc., Bond It purchased the ER™ Tape brand and associated production plant from previous manufacturer, Rowe Industries for $3.25m. In 2015, ER™ Tape enjoyed sales of $1.73m and an EBITDA figure of $994k.
Seal It Services Inc. will also complement ER™ Tape with a number of other existing Bond It products including the manufacturer’s sealants and adhesives.
Legal support for the formation of Seal It Services Inc. and the purchase of ER™ Tape was provided by Global 100 law firm, Nixon Peabody LLP. Finance was provided by HSBC with financial due diligence provided by KPMG India.
Commenting on the formation of Seal It Services Inc., David Moore, managing director at Bond It, said: “Bond It has been looking to develop its presence in North America for some time as part of ambitious plans for further global expansion.
“The formation of Seal It Services Inc. will play an important part in achieving this goal and will enable us to build on the reputation of ER™ Tape and the impressive success enjoyed by Bond It products elsewhere in the world.
“Seal It Services Inc. will continue to manufacture silicone tape for some of the biggest names in the industry and we also see strong opportunities to export ER™ Tape to new markets worldwide.”
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Image: Bond It Product Range.jpg
Caption: Expanding into North America. As part of ambitious plans for further export success, Bond It has opened Seal It Services Inc. in the USA.
For more information on this story, contact Wayne Leith at wayne@tpz.uk.com
Notes to editors:
* With its head offices and production facilities located in West Yorkshire, Bond It is a leading manufacturer of sealants, adhesives, building chemicals, waterproofing products, roofing compounds, polyurethanes, adhesive tapes and ceramic tile adhesives.
* Operating to ISO 9001 quality standards, the business supplies an extensive range of technically advanced, high quality products to builders’ merchants, DIY outlets, retailers and specifiers across the UK, Europe, the Middle East and Africa.
* To help customers stay abreast of changing marketing conditions and demands, Bond It has a strong commitment to product development and continues to invest heavily into R&D whilst simultaneously drawing on many decades of technical experience and expertise.
* In August 2014, Bond It entered into a joint venture agreement with Astral Polytechnik - one of India's fastest growing manufacturers of pipes and piping systems. The new partnership will enable Bond It to accelarate aggressive and ambitious plans for further global expansion.
* More information on Bond It and its range can be found at www.bond-it.co.uk
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