A Knutsford-headquartered waterproofing specialist that has worked on projects such as the Olympic Stadium in London and the Mersey Gateway bridge development in Halton is to be bought by a US listed company for $94m (£72.4m).
GCP Applied Technologies, which is listed on the New York Stock Exchange, has signed an agreement to buy Stirling Lloyd, a supplier of high-performance liquid waterproofing and coatings products. The newly acquired company generates annual net sales of approximately £30.9m.
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.
GCP said that the manufacturer's products and customer relationships will offer it additional selling channels in targeting specialised 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 Gregory Poling.
"Stirling Lloyd brings us complementary waterproofing systems; our global footprint will enable us to further increase penetration of these specialty products."