Apr 3 2015
Grafoid Inc. a complete solutions graphene company - is pleased to announce it has entered into an agreement to acquire Ames Rubber Corporation, of Hamburg, New Jersey, a global leader in the design, development and production of specialty elastomeric materials and products used in defense, automotive, aerospace, personal protection, copiers and printers, and a broad range of industrial applications.
Terms of the agreement were not disclosed. The acquisition, subject to certain conditions, is expected to close in the Second Quarter of 2015. The Purchaser was represented by John E. Ursin, Esq. and Sean Monahan, Esq. of Schenck, Price, Smith & King, LLP, of Florham Park and Sparta, New Jersey. The Seller was represented by Lowenstein Sandler LLP, of Roseland, New Jersey.
Ames, established in 1949, is a globally recognized leader in elastomeric materials and processes. It is a winner of the prestigious Malcolm Baldrige National Quality Award and is an AS9100C registered company specializing in the development of materials and processes used to produce elastomeric coatings/protective barriers, dispensed gaskets, moldings and other elastomer products, and is a leading supplier to a diverse range of high technology customers.
A materials innovation company, Ames holds numerous patents for a variety of specialty materials and processes. The company serves customers in the office automation, aerospace, defense, automotive, medical, and other industrial sectors.
"Our purpose in acquiring Ames is to broaden Grafoid's opportunities by bringing our Mesograf™ graphene materials into an established, high-value market through a diverse range of elastomeric materials, working with and through an experienced team of engineers and scientists," said Grafoid Founding Partner and Chief Executive Officer Gary Economo.
"We see Ames as our springboard into the $700 billion rubber and plastics market - a market in which we believe Grafoid can become a major influence."
"The fit between Ames and Mesograf™ is perfect. Ames has built its global reputation upon its ability to deliver unique elastomeric product solutions, much as Grafoid has delivered unique graphene solutions to our growing global partnerships," Mr. Economo said.
In his comments, Timothy D. Marvil, Chairman of Ames Rubber Corporation said: "We are extremely pleased to have connected with Grafoid and are excited about the combination of these two great companies. Putting Grafoid and Ames together has the potential to create an interesting and exciting future in the rubber industry with high expectation for game changing, breakthrough Mesograf™-based rubber materials and products.
"We grew this business based on quality, innovation and a commitment to our customers and our employees. Grafoid shares this same passion. We have great customers and exceptional employees and to this end, I am happy and excited about how they will both be able to grow and prosper as a part of the Grafoid business.
"It has been my privilege and pleasure to be affiliated with Ames. The company has been a part of my family for three generations and I will miss being a part of its continued success. However, I know this sale to Grafoid will create ever greater opportunities for the future," Mr. Marvil said.
The acquisition of Ames Rubber Corporation will be Grafoid's third strategic asset purchase. It follows the acquisition of ALCERECO Inc., of Kingston, Ontario, and Braille Battery, Inc., of Sarasota, Florida in 2014.
Grafoid is currently consolidating its diverse graphene development assets under one roof in Kingston, Ontario at its Grafoid Global Technology Centre (GGTC) facility and through acquisitions to establish Mesograf™-based subsidiaries to compete in high-value industrial sectors.
On August 20, 2014, the Company officially opened its Grafoid Global Technology Centre, encompassing its core production facility for Mesograf™, its graphene development partners and its subsidiary companies. A second full-scale Mesograf™ manufacturing line is planned for the Ames facility in New Jersey.
Grafoid leads a unique, Mesograf™ development platform comprised of Grafoid Inc., Focus Graphite Inc. (TSX VENTURE:FMS), Graphite Zero Pte Ltd., and the National University of Singapore. Additionally, the Company's Global Enterprise Platform includes 15 industrial joint venture partnerships; wholly owned subsidiaries; strategic acquisitions; academic partnerships; and in-discussion relationships.