AirBoss Completes Acquisition of Ace Elastomer
NEWMARKET, Ontario, Aug. 31, 2021 (GLOBE NEWSWIRE) — AirBoss of America Corp. (TSX: BOS) (OTCQX: ABSSF) (the “Company” or “AirBoss”) announced today the successful closing of the previously-announced acquisition of 100% ownership of Ace Elastomer, Inc. (“Ace”) for US$42.5 million in cash.
Ace, a leading custom rubber compounder with facilities in Rock Hill, South Carolina and Chicago, Illinois, 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 Mid-West. 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.”
Investor Contact: Chris Bitsakakis, President or Gren Schoch, CEO at 905-751-1188.
Media Contact: [email protected]
AirBoss of America Corp.
AirBoss of America is a leading and diversified developer, manufacturer and provider of innovative survivability solutions, advanced custom rubber compounds and finished rubber products that are designed to outperform in the most challenging environments. Founded in 1989, the company operates through three divisions. AirBoss Defense Group is a global leader in personal and respiratory protective equipment and technology for the defense, healthcare, medical and first responder communities. AirBoss Rubber Solutions is a top-tier North American custom rubber compounder with 500 million turn pounds of annual capacity. AirBoss Engineered Products is a supplier of innovative anti-vibration solutions to the North American automotive market and other sectors. The Company’s shares trade on the TSX under the symbol BOS and on the OTCQX under the symbol ABSSF. Visit www.airboss.com or www.airbossrubbersolutions.com for more information.
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All of the forward-looking information in this press release is expressly qualified by these cautionary statements. Investors are cautioned not to put undue reliance on forward-looking information. All subsequent written and oral forward-looking information attributable to AirBoss or persons acting on its behalf are expressly qualified in their entirety by this notice. Forward-looking information contained herein is made as of the date of this Interim Report and, whether as a result of new information, future events or otherwise, AirBoss disclaims any intent or obligation to update publicly the forward-looking information except as required by applicable laws. Risks and uncertainties about AirBoss’ business are more fully discussed under the heading “Risk Factors” in our most recent Annual Information Form and are otherwise disclosed in our filings with securities regulatory authorities which are available on SEDAR at www.sedar.com.