Boddingtons is the only UK producer of geosynthetic nets as well as a wide range of accessories and laminates for use in civil engineering projects and temporary ground protection. Fiberweb sees Boddingtons as complementary to its own Wales-based Terram business, the market leader for geotextiles in the UK. There is a long-standing and growing supply relationship between the two businesses, accounting for around 10% of Boddingtons sales. There are also links with Fiberweb's Old Hickory, Tennessee-based Typar construction fabrics business in the US.
Fiberweb chief executive Daniel Dayan said: "Boddingtons is in a specialist construction area, which we have highlighted as an important part of our growth strategy. Boddingtons takes us beyond nonwovens in this market, adding successful product ranges and deepening our relationship with and understanding of key distribution and end-use customers. This is an important step in developing a broader, customer-focused growth strategy under experienced and successful management."
Boddingtons is a private UK company, majority owned by Robin Boddington, its founder who is now retired, and John Warner, its current chief executive, as well as by other current and former employees. The company is based in Maldon, Essex, with small manufacturing operations in Loddon, Norfolk and Melbourne, Australia. It also has sales offices in the US and Germany, with a total of 92 employees.
Boddingtons had sales in the year to 30 June 2010 of £14m, with profit before interest and tax of £1m. Boddingtons has grown steadily in the past three years, with a compound annual growth rate between 2007 and 2010 of 21% for sales and 62% for PBIT.
Boddingtons and Fiberweb's existing geotextile business will form a new business unit in the industrial division, Fiberweb Geosynthetics, to be led by John Warner. An important growth initiative for the new division will be investment in a specialist, needlepunch geotextile production line in the UK.
Some rationalisation of operations is expected, Fiberweb said.
Fiberweb will pay £8.2m for 100% of the share capital of Boddingtons and will assume net debt as at 31 December 2010 estimated to be £1.2m.