Vesuvius plc, a global leader in molten metal flow engineering and technology, announced that it has signed an agreement to acquire CCPI Inc, a specialty refractory producer focused on tundish (steel continuous casting) applications (65% of sales) and aluminium (35% of sales).
Based in Ohio, USA, CCPI will become part of its Advanced Refractories business unit. The transaction values CCPI at US$43.4 million (£33.1 million) on a cash and debt free basis and will be funded from Vesuvius' internal resources.
Patrick André, Chief Executive of Vesuvius, said: "CCPI is a strategically important acquisition for Vesuvius, which significantly expands Vesuvius' North American presence in refractories used in steel tundish applications, while also increasing Vesuvius' exposure to aluminium.”
“The financial rationale is compelling and we look forward to working with CCPI's management team to continue its strong track record of value creation."
CCPI's unaudited revenue and EBITDA was US$35.6 million (£27.2 million) and US$5.4 million (£4.2 million), respectively for the financial year ended 31 December 2018.
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