You’ve no doubt heard leaders in government and industry speak of the future of the manufacturing sector and economic development and job growth.
Manufacturing is expanding in numerous ways here in Bedford County.
One of the most significant drivers of growth is Creative Pultrusions, Inc., a leader in the manufacturing of composite products. The company’s high strength materials are used in many different environments that require corrosive resistant, structurally strong components.
Creative Pultrusions (CP), located in Alum Bank, is now engaged in worldwide competition as a subsidiary of Hill & Smith Holdings PLC (H&S), an international business headquartered in the United Kingdom.
Over the past few years CP, working with H&S, has been in a strong acquisition mode.
“We have acquired four companies since 2016,” said Shane Weyant, President and CEO of Creative Pultrusions, Inc. Hill & Smith Holdings now has facilities at 60 sites across seven countries with 4,400 employees. The company is traded on the London Stock Exchange as a trading company with a Premium Listing.
“We were the first group that was acquired by H&S,” Weyant said. “It occurred on September 11, 2008. Since then, we at CP have taken the lead in negotiating acquisitions.”
In fact, Weyant has been leading the CP team on behalf of H&S.
“It has been a good learning experience,” he said. “With a large acquisition there are many things to consider. Taxes, legal issues, commercial concerns and finance. We have a team that addresses all these areas. There is a lot involved with being a part of a publicly traded company. All the T’s must be crossed and the I’s dotted. Our great team is poised to really grow in this market.”
The most recent acquisition is Composite Advantage (CA).
According to CP, Composite Advantage will be included with the division of H&S that is headed by Creative Pultrusions under the Creative Composites Group.
“We are pleased to announce this acquisition and welcome CA into our expanding composite group. CA’s products, combined with their advanced infusion manufacturing technology, will be greatly beneficial to our composite groups,” said Weyant. “We want to continue our aggressive development of composite products and solutions.”
More growth and acquisitions are planned, according to Weyant. The group, led by Creative Pultrusions, is currently a $100 million division with the expectation that it will grow to a $300 million group of Hill & Smith Holdings.