The San Diego facility is where SPD team has been working with SPD technology.
Bekaert Press Release [bolding is mine]:
bekaert.com
June 11th, 2001 --
Bekaert acquires MSC/Specialty Films Inc.
Bekaert announced today that it has acquired all of the assets of the Specialty Films business of Material Sciences Corporation, (MSC/SFI) for an amount of USD 122 million in cash.
The acquisition includes all coating and laminating operations of MSC/SFI located at San Diego, California (USA) together with its world-wide distribution network. MSC/SFI is a manufacturer and distributor of solar control and safety window film, as well as industrial film, serving the automotive, building and a variety of other markets. The company employs 224 people and recorded sales of USD 58.3 million and income before income taxes of USD 9.8 million in fiscal 2000.
The acquisition also includes 50 % of the shares of Innovative Specialty Films LLC (ISF), a 50/50 joint venture between MSC/SFI and Bekaert Corporation, established in 1998. This technological company has sputter coating operations at San Diego (USA), at Zulte (Belgium) and at Research Triangle Park in Raleigh Durham (North Carolina, USA). ISF realised in fiscal 2000 sales of USD 17.4 million and a profit before taxes of USD 1.6 million.
ISF, now 100 % Bekaert, acquired in April this year 100 % of Neovac, a leading designer, manufacturer and marketer of transparent conductive coatings mainly used in displays, located at Santa Rosa (California, USA).
Baron Paul Buysse, Chairman of the Board of Bekaert said: "This acquisition is a milestone in the history of Bekaert. After acquiring UNI-SOLAR® last year this acquisition now demonstrates that Bekaert dynamically pursues to continue its renewal process. Bekaert takes leading positions in high growth and profitable businesses, like coatings".
Mr. Raf Decaluwé, Chief Executive Officer of Bekaert added: "Financial analysts and investors told us that they believed in the strategy and the renewal process at Bekaert but that they were waiting for more evidence before translating this into higher multiples. This important acquisition is a further and decisive step in the renewal process. Bekaert has now built a USD 130 million business in 'Coatings', of which USD 85 million in speciality films. The two other segments in our Coatings Division are 'advanced coatings' and 'renewable energy'. All of these segments show important growth potential for the coming years. I hope that the markets will be convinced now that the transformation process is on track and will understand the future potential of Bekaert".
The Bekaert Group is a world leader in advanced metal transformation and coating technologies, headquartered in Belgium, with 87 production locations employing more than 17.000 people and with total sales of EUR 2.7 billion. |
