GCP Applied Technologies Signs Definitive Agreement to Acquire Stirling Lloyd
CAMBRIDGE, Mass., May 08, 2017 (GLOBE NEWSWIRE) -- GCP Applied Technologies Inc. (NYSE:GCP) announced today that it has signed a definitive agreement to acquire UK-based Stirling Lloyd, a supplier of high-performance liquid waterproofing and coatings products for $94 million. The company generates annual net sales of approximately $40 million.
Stirling Lloyd is best known for its ELIMINATOR®, INTEGRITANK®, and DECSEAL® brands. These waterproofing membranes and coatings are used for the protection of infrastructure and buildings. The company’s products and customer relationships will offer GCP additional selling channels in targeting specialized end-market applications such as for bridges, tunnels, car parks, and for asphalt repair.
“This acquisition expands our technology platform for infrastructure and repair/renovation, market segments that are growing at attractive rates,” said GCP President and Chief Executive Officer Gregory E. Poling. “Stirling Lloyd brings us complementary waterproofing systems; our global footprint will enable us to further increase penetration of these specialty products.”
Poling added, “This acquisition represents a great opportunity for us. The Stirling Lloyd team has many years of experience developing and selling products that fit well with GCP’s liquid waterproofing and building envelope products. The combination of our cross-selling efforts will create many new opportunities to leverage GCP’s relationships with architects, specifiers, engineers, and contractors to accelerate adoption of each other’s products.”
Stirling Lloyd’s headquarters and its manufacturing facility are located in the Manchester, UK area. The transaction is expected to close during the second quarter, and is subject to local regulatory approvals.