FPIG acquires Protecciones Plasticas
Future Pipe Industries Group (FPIG) has acquired 100% of fiberglass pipe manufacturing company Protecciones Plasticas SAU, which will carry on operating under the 'Protesa' trading name.
Headquartered in Barcelona, Spain Protesa has facilities in Zaragoza, Spain; Pune, India and Jorf Lasfar, Morocco.
Speaking about the acquisition, FPIG's chairman and CEO Fouad Makhzoumi said: 'This acquisition marks an important step in our strategy to diversify outside of our core market in the GCC. Protesa has been manufacturing glass fibre reinforced polyester (GRP) composite pipe systems for over 50 years. We are pleased to have been able to conclude this acquisition and are excited about the potential it brings to our growing group of companies, particularly as it significantly increases our ability to service our clients from a dedicated GRP facility in Europe.
'This is the second such acquisition this year after the acquisition of Speciality Plastics in April 2013.'