Berry Plastics announces that it has completed the acquisition of the shares of Frans Nooren Beheer B.V. The purchase comprises the Frans Nooren Beheer Companies, notably Stopaq B.V. and its operating companies. Stopaq had revenues of approximately € 23 million (about $36 million USD) for 2011. Berry expects the acquisition to be immediately deleveraging after achieving synergies.
Stopaq is the inventor and manufacturer of patented visco-elastic technologies for use in corrosion prevention, sealing and insulation applications ranging from pipelines to subsea piles to rail and cable joints. Headquartered in Stadskanaal, The Netherlands, Stopaq operates a state-of-the-art manufacturing plant, complete with R&D facilities, an anti-corrosion Technology Park, and Centre of Excellence training and exhibition facilities.
Berry Plastics' Corrosion Protection Group is a part of the Company's Engineered Materials Division and has more than 50 years of solid performance in protecting oil, gas, water, wastewater, and insulated pipelines, as well as other metal structures around the world. Berry's corrosion protection brands include Polyken Pipeline Tape Coatings, Covalence Heat Shrinkable Products, AnodeFlex Long-Line Linear Anode for CP, and Powercrete Liquid Epoxy Coatings, and now the Stopaq line of visco-elastic coatings.
"The combination of Stopaq with Berry's existing corrosion protection group will allow for solutions unrivalled by competitors in the market space," says Tom Salmon, president of Berry's Engineered Materials Division. "Stopaq has invested to create modern production facilities, staffed with skilled employees who work as a team to produce products that are globally desired. We look forward to working with the employees of Stopaq as we integrate our two companies."
J. Frits Doddema, Stopaq's current CEO, will immediately assume the role of executive vice president and general manager for Berry's global Corrosion Protection Group. "As we begin the integration process, we will explore and implement those initiatives that make optimal use of all assets of the combined businesses, including the products, people, facilities, and brands from both companies," says Doddema. "Most importantly, the research strengths of the combined companies will allow for new innovation and new products utilizing the best features of all products across the group. This combination is a real "crowning moment" for all we have built over the last years at Stopaq."
Frans Nooren, founder of Stopaq, will serve in an ambassadorial capacity to Berry's Corrosion Protection Group. "I am very pleased with the acquisition and am honored to serve the company in this capacity," says Nooren. "By integrating the STOPAQ line of coatings with the Berry product line under the leadership of Frits Doddema, our people and product innovations are in the best position for future success."
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