ITT Exelis announced Monday it has sold its fiberglass reinforced pipe business, Baton Rouge-based Specialty Plastics Inc., to Future Pipe Industries Group headquartered in Dubai, UAE.
The move is part of ITT Exelis’ effort to focus company investments on its core businesses, the company said in a news release. Terms of the deal were not disclosed.
Specialty Plastics specializes in the design, manufacture and installation of fiberglass piping systems for the deep-water oil and gas industry. The company will be part of Future Pipe Industries Group’s U.S. division.
“Specialty Plastics was a small but well-run business for Exelis, and although it’s a leader in its niche market, it lacks synergy with any of our other business areas,” John Shephard, Exelis senior vice president and chief strategy officer, said in a news release.
Exelis acquired Specialty Plastics as part of the 2007 acquisition of EDO Corp. EDO bought Specialty Plastics for $5.4 million in 1998.
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