The €18.9m (£16m) acquisition is expected to complete later today.
Texiplast, which was founded in 1938, makes soil reinforcement, separation, filtration and erosion control products. For the year ended 31 December 2012, Texiplast generated revenues of €12.7m and earnings before interest, taxes, depreciation, and amortization of €3.1m.
Low & Bonar’s existing ranges include Bontec non-woven geotextile and the EnkaRetain and Drain system, which is used for green roofs. Group chief executive Steve Good said: "Texiplast is an exciting ‘bolt-on’ acquisition which is aligned to our strategy and highly complementary to our activities in the civil engineering sector.”
The acquisition is in line with Low & Bonar’s aim of becoming a more integrated provider of solutions for civil engineering projects. It also provides opportunities for growth by leveraging and expanding Texiplast's product range and reach. In addition, the aquisition gives Low & Bonar improved access to Texiplast's principal Central and Eastern European markets. Columbia has opened prequalification for four PPP highways projects with a combined value of 4.76 trillion pesos (£2.44bn).