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Shawmut Acquires TPI Industries

Shawmut Corp., a West Bridgewater, Mass.-based producer of engineered soft materials for automotive uses, has acquired the assets of TPI Industries, Middletown, N.Y., and Knoxville, Tenn., a maker of laminated textiles for heavy truck, marine and orthopedic brace applications.

TPI will operate as an independent subsidiary of Shawmut under the name TPI Industries LLC and will retain its plants in Middletown and Knoxville. John Bowe, founder and president, TPI, will continue to head the company as president and CEO. Shawmut and TPI will integrate certain administrative and support activities in order to improve efficiencies.

“The combination of Shawmut and TPI brings together two clear leaders in their respective segments to create an organization of unique geographic reach, strength and stability in our industry,” said James Wyner, CEO, Shawmut, noting that TPI’s “highly efficient operations” and “ unbeatable combination of price, quality and service” have been keys to its success.

Bowe noted TPI will have access to Shawmut’s capabilities related to ISO quality systems, Six Sigma, material testing, information systems and supply chain management. “The combination also provides TPI with expanded product lines and a manufacturing plant in [Port Huron,] Michigan,” he added.

March/April 2007