Fiberweb: Tubex Is Complementary Acquisition

Materials manufacturer Fiberweb has secured the acquisition of Tubex, the parent company of the Tubex Group of companies. The deal, for £5.1 million, is to be satisfied by £3.85 million in cash and 1.8 million Fiberweb shares to existing Tubex shareholders. Tubex, a private UK company based in Wales and owned by the management team and Shackleton Ventures, produces tree shelters designed to improve the survival and growth rates of saplings and vines. The deal, for 100 per cent of Tubex, is seen as complementary to Fiberweb’s Acorn tree shelter business which is based in Suffolk.