A recently announced acquisition is reported to create one of the largest private companies involved in the manufacture of engineered industrial products commonly used in road and mining infrastructure projects.
Geosynthetic product manufacturer, Geofabrics, has acquired Plascorp, a producer of PVC pipe, mine ventilation, steel reinforcement and ducting.
“This is a very significant milestone for Geofabrics and Plascorp,” said Geofabrics Group Managing Director, Dennis Grech.
“Both companies are leaders in Australian manufacturing and leaders in providing innovative and local solutions to a diversified customer base across multiple segments.
“Individually, Geofabrics and Plascorp are wonderful local businesses with a customer-centric culture, experienced teams and state of the art manufacturing assets.
“Together, the combination of Geofabrics and Plascorp brings to market a business that provides our customers a broad range of geosynthetic and industrial solutions, using local and recycled content, Australian R&D and the creation of local jobs.
“Plascorp will continue to operate as a stand-alone business with its own leadership team and Geofabrics looks forward to sharing our expertise in R&D and innovation, access to a deep project pipeline and a diversified product range.”
Plascorp Directors George Antonopoulos and Jeff Goldberg are expected to remain in the Plascorp business.
Michael Loudovaris has been appointed to the position of Plascorp Executive General Manager.
“You don’t just build a business, you build people and then people build up that business,” said Antonopoulos.
“The value of any business is through the support of its staff and its customers.
“We believe Geofabrics fits the ethos that we have always used in building up Plascorp to its current stage. I am certain Geofabrics will take Plascorp to the next level of growth. Jeff and I will continue to work for Plascorp under Geofabrics ownership for a transitional period to ensure a smooth takeover of the business and to help Geofabrics in its endeavour to grow Plascorp to its full potential.”
Goldberg said: “I am very excited to hand over the baton to a very competent and experienced team. Plascorp, as well as Geofabrics, will continue to champion the needs of customers, suppliers, staff and shareholders; ensuring that what is delivered meets our original goals and objectives. I would like to thank Geofabrics for the professionalism on all negotiations carried out. My hope is that Geofabrics and Plascorp grows from strength to strength.”
Grech added: “George and Jeff have grown the Plascorp business into a market leader in steel reinforcement, PVC pipes, ducting and mine ventilation. It is wonderful George and Jeff have agreed to remain in the business to transition Plascorp into its next phase of growth. I am excited to work with Michael, Jeff and George as well as the Plascorp leadership team to provide our customers with best-in-class infrastructure solutions.”
Geofabrics has supported the infrastructure sector on significant projects for more than 40 years across various industry segments including road, rail, mining, waste and containment, coastal and water solutions.
The company also has a branch network throughout Australia, New Zealand, PNG and manufacturing plants in Albury, New South Wales, and Ormeau, Queensland.
Plascorp has manufacturing plants in Victoria, Western Australia and Queensland.