Davis-Standard LLC announced it has reached a definitive agreement to acquire the Extrusion Technology Group (ETG) from entities controlled by Dutch investor Nimbus.
ETG dates back to 1943 and is an established supplier of extrusion and downstream processing equipment, known for brands such as Battenfeld-Cincinnati, Simplas and Exelliq, formerly known as Greiner Extrusion.
“We have long admired ETG’s capabilities and highly engineered products and are thrilled to welcome ETG into the Davis-Standard family of brands,” Davis-Standard CEO Giovanni Spitale said. “The acquisition of ETG will be highly complementary and diversifying to our fast-growing enterprise, and we believe it will allow Davis-Standard to provide a broader and deeper product portfolio to our customers. We intend to establish the ETG business as a stand-alone segment that will continue to serve its base of customers with additional support and capabilities from the broader Davis-Standard platform.”
Based in Pawcatuck, Conn., Davis-Standard manufactures a range of extrusion and converting technologies. It is majority-owned by funds affiliated with Gamut Capital Management LP.
Terms of the transaction were not disclosed, and the acquisition is subject to customary closing conditions.
