Newmarket, Ontario, Canada – AirBoss of America Corp. announced the successful closing of the previously announced acquisition of 100 percent ownership of Ace Elastomer, Inc. for $42.5 million in cash.
Ace, a leading custom rubber compounder with facilities in Rock Hill, SC, and Chicago, IL, will become part of the company’s AirBoss Rubber Solutions (ARS) segment. The addition of Ace propels ARS into a market leading position in color and specialty compounding while providing immediate access to a customer base in the U.S. south and midwest. Ace’s founder, Russell Foster, and his management team will remain with Ace in their current capacities following closing of the acquisition.
“We are excited to officially welcome Ace, its founders, management and employees to the AirBoss family,” said Chris Bitsakakis, president and COO of AirBoss. “Top customers across a wide variety of industries choose Ace for their proprietary compounds and their commitment to quality and innovation. Adding Ace to AirBoss Rubber Solutions will allow us to immediately broaden our breadth and penetration into the specialty compounding market that we have been targeting for several years.”