Solmax Completes Propex Acquisition

Monday, December 6, 2021

Solmax announces it has completed its acquisition of Propex, a geosynthetics manufacturer with a track record in the construction, transportation, flood protection, and automotive industries. With the closing of this transaction, Solmax further reinforces its position as a leading geosynthetics-solutions provider, said officials.

An award-winning manufacturer and low-carbon solutions provider, Propex boasts "a storied history and an enviable reputation for innovation, expertise, service excellence, and value," said officials. Producing a wide range of geosynthetic products and erosion control systems, its solutions are used in the construction of infrastructural projects including levees, roads, bridges, and airports. Leveraging geotextiles in transportation construction and erosion control applications has the potential to save billions of dollars in construction costs annually.  

Propex’s geotextiles are manufactured in Ringgold and shipped to customers in more than 35 countries worldwide. The plant also houses an on-site testing facility that is certified by the Geosynthetic Accreditation Institute/Laboratory Accreditation Program and is compliant with ISO 9001 and 14001. 

Commenting on the acquisition, John Henderson, president of Solmax Americas, said, “We are delighted to complete this important acquisition. Propex is a recognized leader in geosynthetic products and solutions across North America. This acquisition expands the products and solutions that Solmax can offer its customers in many different market segments. It also provides us with additional non-woven geotextile expertise and capacity to further extend our footprint in the environmental and civil-infrastructure markets.” 

Mike Gorey, CEO of Propex added, “The combination of strengths between our companies will lead to long-term growth and increased capacity to address the expanding demand for environmentally sustainable solutions.  As the leading player of infrastructure products and services, we harness the ability to increase the adoption rate of superior solutions over traditional methods.”  

The purchase of Propex complements Solmax’s existing product portfolio by expanding its presence into the turf-reinforcement market, with a focus on erosion control on steep slopes and vegetated waterways. This is a new market segment for Solmax and is another value-added solution for its customers and the engineering community globally. In addition, innovative products that have been developed by Propex for the pavement-rehabilitation market will also complement Solmax's portfolio.   

Going forward, it will be business as usual for Solmax and Propex in the short term. In time, the expertise of both companies will be combined across all facets of the business, covering manufacturing excellence, quality systems, and engineering solutions for the global geosynthetics community. Both companies share a common vision of protecting the environment in a responsible manner to make a better future for all.  

For this transaction, K&L Gates LLP and Jones Day acted as legal advisors to Solmax. Barclays and TD Securities acted as joint financial advisors, underwriters, joint bookrunners, and joint-lead arrangers for the Solmax senior credit facilities. Solomon Partners acted as exclusive financial advisor to Propex and Stroock acted as its legal advisor. 


New Hamilton County Business Licenses

Gas Prices Drop 0.8 Cents In Chattanooga

EPB Gets Update On Growing Electric Vehicle Market


Here are the new business licenses from the County Clerk's office: AF FLOORING COMPANY EDILMAR A FIGUEROA ALVA 3017 DODDS AVE CHATTANOOGA TN 37407 ALICE IN WONDERLAND LEARNING CENTER ... (click for more)

Average gasoline prices in Chattanooga have fallen 0.8 cents per gallon in the last week, averaging $2.94 per gallon on Monday, according to GasBuddy's survey of 170 stations in Chattanooga. ... (click for more)

EPB Director of Business Intelligence Bill Copeland gave an update of the growing electric vehicle market at the EPB board of directors meeting on Friday. This industry is not new but it is important ... (click for more)



Business

New Hamilton County Business Licenses

Here are the new business licenses from the County Clerk's office: AF FLOORING COMPANY EDILMAR A FIGUEROA ALVA 3017 DODDS AVE CHATTANOOGA TN 37407 ALICE IN WONDERLAND LEARNING CENTER LLC TYQUAL MCGOWAN 408 HANEY DR CHATTANOOGA TN 37411 BUILDING MEMORIES PHOTO BOOTH LEZLIE BAILEY 724 E HENDERSON DR CHATTANOOGA TN 37411 C & S CLEANING SERVICE COREY REDDING 1101 ... (click for more)

Gas Prices Drop 0.8 Cents In Chattanooga

Average gasoline prices in Chattanooga have fallen 0.8 cents per gallon in the last week, averaging $2.94 per gallon on Monday, according to GasBuddy's survey of 170 stations in Chattanooga. Prices in Chattanooga are 3.0 cents per gallon higher than a month ago and stand 82.0 cents per gallon higher than a year ago. According to GasBuddy price reports, the cheapest station ... (click for more)

Breaking News

Signal Mountain Considering Best Way To Spend $1.2 Million In Stimulus Funds, $998,000 TDEC Grant

The town of Signal Mountain has received $1.2 million from the American Rescue Plan and will get a second installment next year from the federal government. It also has gotten $998,000 from the Tennessee Department of Environment and Conservation. Discussion about how to spend these grants took place at the town council meeting Monday night. Interim Town Manager Mitchell Moore ... (click for more)

Hamilton County Has 14 More COVID Deaths, 5 Since Friday; 467 New Cases

The Hamilton County Health Department on Monday reported 467 new positive COVID-19 cases, down from 670 on Friday. The total number of cases in the county now stands at 84,442. There were 14 more deaths from the virus in Hamilton County reported on Monday, for a total of 971. Officials with the Hamilton County Health Department said nine are deaths added as part of the review ... (click for more)

Opinion

Earl Freudenberg: Johnny Haynes Overcame His Disability To Become A Police Department Fixture

Johnny Haynes was a special person. Under almost clear skies and 45 degree temperatures, he was buried Saturday afternoon when a small group of his friends gathered at Greenwood Cemetery off Wilcox Boulevard for the committal service. The retired Chattanooga Police Department employee has been my friend since 1962. The Central High School graduate was born with polio but was ... (click for more)

Employers Broke The Social Contract - And Response

Along with our trust, most employers are going to need to give those who participated in the great resignation something to hold onto. The cliché during the pandemic is that we’re all in the same storm, not the same boat. Some of you are in yachts while the rest of us are drowning, grasping at driftwood. For some it’s being deep in medical debt, for others they suffer from burnout ... (click for more)