US washers, gaskets and vacuum cleaner belts maker Grand River Rubber & Plastics Co. ts, has acquired the flat belt drive division of a UK firm, Icon Polymer Ltd. Terms of the acquisition have not been disclosed.
With the acquisition, the employee-owned Grand River Rubber will expand its global reach into Europe, the The Ashtabula, Ohio-based company employs about 200 people and has annual sales of about US$45 million.
Nottinghamshire-based Icon Polymer pioneers in drive belts technology, including a low tension range of belts using its proprietary “LoTenz” technology. Reportedly, the sale firms up Icon’s focus on the aerospace and defense industries.
Grand River Rubber said the companies plan to pursue other collaborative projects in the future.