Plumbing - Polypipe plans expansion

20/08/2007

Polypipe has announced plans to expand its operations following the success of a refinancing deal.

The piping and sanitary systems manufacturer is preparing to increase its operations and make the most of its recent acquisition of above-ground drainage business, Terrain.

Under the refinancing agreement, Polypipe bought out equity that was previously controlled by its New York financial sponsors Castle Harlan, through an integrated package from Bank of Scotland.

David Hall, chief executive at Polypipe, said: "Polypipe has considerably strengthened and refocused its business during the period under Castle Harlan's ownership, with a reliable record of revenues, profits and cash generation linked to significant investments in manufacturing and new products as well as making the recent Terrain acquisition."

Mr Hall added that the company would be able to enjoy more control and autonomy over its future activities following the deal.