Concrete Systems Corporation and SI Geosolutions Corporation (“SI”) announced today that a
definitive agreement has been entered into whereby Propex will purchase SI.
Ed Stanczak will remain CEO and President of the combined entity. Headquarters will be
relocated to northern Atlanta, where growing the companies’ international presence will be a
priority. According to Mr. Stanczak, “It is our intention to create a highly diversified and
balanced company which will become the best of the best. The intended combination is a classic
example of two good companies combining to become one great company. This will be great for
customers, employees, shareholders, and suppliers.”
Joe Dana, current CEO of SI, will become the President of North American Operations with its
headquarters located in Chattanooga, TN. Mr. Dana commented, “The combination will create
opportunities to leverage the capabilities of each organization to optimize operations and generate
profitable growth. We will continue to be market driven and innovation focused with special
emphasis on maintaining exceptional service to all customers.”
The combined entity will be one of the world’s leading producers of polypropylene-based
fabrics for primary and secondary carpet backing, geosynthetic applications and a variety of other
industrial end uses. The acquisition is expected to close by the end of January 2006.
Propex was acquired in December 2004 by a group of investors led by Houston-based The
Sterling Group, L.P., San Francisco-based Genstar Capital, L.P. and Houston-based Laminar Direct
Propex is the world’s largest producer of primary and secondary carpet backing, and a
leading manufacturer and marketer of polypropylene synthetic fabrics used in a variety of other
SI is a market leader in providing innovative, high-performance products that provide
support, strength, and stabilization solutions for its customers in the Furnishings and
Construction Materials markets.
Press Release Courtesy of PR Newswire