Bonnell acquires Indiana, Michigan facilities

From STAFF REPORTS
news@newnan.com
Longtime Newnan industry William L. Bonnell Co., which has its plant off Temple Avenue, has acquired another leading manufacturer of aluminum extrusions.
Bonnell parent company, the Richmond, Va.-based Tredegar Corporation, announced Monday that its subsidiary, The William L. Bonnell Company Inc., has acquired 100 percent ownership of AACOA Inc., a leading manufacturer of aluminum extrusions in North America.
The approximate purchase price of $50.8 million was funded using financing under Tredegar’s existing $350 million credit facility. Tredegar expects the acquisition to be accretive in the first year following the acquisition.
The acquisition will add fabrication capabilities to Bonnell’s current array of products and services while providing AACOA with large press capabilities and enhanced geographic sales coverage in a variety of end-use markets, according to a press release from Tredegar.
AACOA is a premier Midwestern manufacturer of aluminum extrusions with a full range of value-added capabilities and a reputation for outstanding product quality and customer service, according to Tredegar officials. Originally established as an anodizing company, AACOA is widely regarded as an industry leader in the anodizing process with exceptional manufacturing expertise in this area. Its primary markets include consumer durables, machinery and equipment, and transportation. The company, with approximately 500 employees, is headquartered in Elkhart, Indiana, and operates production facilities in Elkhartand Niles, Michigan.

Commenting on the acquisition, Duncan Crowdis, president of Bonnell Aluminum, said, “We have been actively searching for an acquisition that meets our stated goals for expanding into markets outside of building and construction. In AACOA, we found a top-quality manufacturer that will help us move toward our strategic objectives for both growth and diversification. By leveraging our combined capabilities in extruding, anodizing, and fabrication, we will be able to offer high-quality products and services to a large base of customers.”

Nancy Taylor, president and CEO of Tredegar Corporation, added, “The acquisition, our second in a year, demonstrates Tredegar’s commitment to our strategy of growth and market diversification within the manufacturing sector. I firmly believe that the combination of Bonnell Aluminum and AACOA strengthens even further the capabilities of both and will bring value to our customers.”

Dan Formsma, president of AACOA, stated, “We are thrilled to join forces with Bonnell Aluminum, a market leader in the aluminum extrusions industry. Our customers will benefit from Bonnell Aluminum’s broad footprint and array of products and services. The strong strategic fit extends to our similar customer-centric cultures and values, and this move provides an excellent platform for us to grow the business together.”

Tredegar Corporation is primarily a manufacturer of plastic films and aluminum extrusions. A global company headquartered in Richmond, Virginia, Tredegar had 2011 sales of $798 million. With approximately 2,000 employees, the company operates manufacturing facilities in North America, South America, Europe, and Asia.



More Business

CharterBank donates $15,000 to local organizations

The winners of CharterBank’s annual Customer Voting Program received $5,000 donations from the Charter Foundation. The local organizat ... Read More


Business Briefs

BJ’s donates $21,000 to Atlanta Community Food Bank In honor of the 30th anniversary of BJ’s Membership Club, and to commemorate ... Read More


Second mile service part of legacy of Chick-fil-A’s Cathy

S. Truett Cathy, founder of the successful Chick-fil-A restaurant chain, died early Monday at the age of 93. As a business owner, Cathy was ... Read More


Shared Wisdom

How to promote yourself without being vain

Is it possible to genuinely be interested in the needs of others, and still promote yourself? Absolutely, and it can be a “win/win&rdq ... Read More


Business Briefs

The Bullsboro Drive Starbucks has reopened after its renovation. * * * Boulevard Salon open in Avery Park Charlotte’s The Boulevard ... Read More

Bubbles & Brushes Art Studio

Creative local business finds success encouraging budding young artists

Growing up as a young artist, Joanna Harvey never pictured herself as a successful business owner. Initially, she had intended on being an a ... Read More