AirBoss to buy US safety company for US$37M
NEWMARKET, Ont. — AirBoss of America Corp. says it has a deal to buy privately owned Immediate Response Technologies LLC for US$37 million in cash.
Immediate Response provides personal protection and safety products for chemical, biological, radiological and nuclear hazards, as well as communicable diseases and respiratory threats.
The company, based in Landover, Md., is expected to generate sales of US$30 million in 2015.
In addition to the purchase price, which is subject to working capital adjustments, AirBoss, based in Newmarket, Ont., will make additional payments through a combination of cash and equity of up to US$25 million.
Those payments are subject to performance objectives over a 60 month period following the close of the transaction, expected in the third quarter.
AirBoss of America Corp. manufactures and sells high quality rubber based products to transportation, military and industrial markets.