Icon Polymer Divests its Drive Belt Business Creating Unique Global Hub of Quality and Expertise
Nottinghamshire, DN22 6HH
Press release date: September 3, 2013
Icon Polymer Group, a technology company in engineered polymer products, has sold its market-leading vacuum cleaner flat drive belt business to US-based Grand River Rubber Plastics.
The deal with Grand River - itself a well-established player in vacuum cleaner belt manufacture - will bring unprecedented benefits to global customers of these products in terms of quality, technology and service.
It creates for the first time a single global Centre of Excellence for vacuum cleaner manufacturers seeking premium quality belts created through state-of-the-art design and material technology capabilities and sector leading controlled production processes.
Icon is a pioneer in technology for drive belts for vacuum cleaners, with products supplied to major names including Electrolux and Hoover. As well as offering a range of standard belt products, Icon has developed LoTenzTM technology, a lower-tension range of belts harnessing the very latest material technologies to deliver superior performance and reliability in high-end applications. This innovative technology has significantly widened the options for specifiers.
Grand River is fully employee-owned and has operated in the sector for more than three decades, establishing an enviable record for high-quality volume production at its facility in Ashtabula, Ohio, where some two million items are manufactured daily.
Both companies are preferred suppliers to the key Chinese sub-contract manufacturing market, to which more than 90 per cent of their belt products are exported. Icon and Grand River are also planning a number of collaborative projects, harnessing each company’s unique capabilities.
“This is about bringing our customers the very best the sector can deliver”, said Tim Pryce, CEO of Icon Polymer.
“Combining the technical expertise and innovation of Icon and the global reach and mass production capabilities of Grand River represents a very exciting development for the sector. For the first time manufacturers can enjoy the very best in design, materials, production and service through a single access point.”
Richard Selip, President of Grand River Rubber and Plastics, explained: “As a corporation which has seen niche markets as its best opportunity to provide value to its customers and opportunity to its employee owners, the acquisition of the Icon Polymer flat drive belt business is a logical next step in pursuing this strategy. We welcome the opportunity to grow our business in this segment, and are excited about increasing the value proposition to our global customers.”
Donald Chaplin, Senior Vice President of Grand River Rubber and Plastics, added: “Responsiveness, quality products, competitive pricing and on-time delivery are just part of our commitment to the customer. We are continuously striving to improve our processes and to deliver even higher levels of service and value. In the flat drive belt market, combining Icon Polymer’s material technology with Grand River Rubber’s production process creates a win-win for our customer base in North America, Europe and Asia.
“In support of the acquisition of Icon Polymer’s flat drive belt business, Grand River Rubber will be increasing its presence in Asia, taking our customer service, sales and technical support to an even higher level of commitment to the customer base.”
The sale confirms Icon’s focus on its core aerospace and defence sectors, where the company continues to rapdily develop its business supplying major platforms for manufacturers including Airbus, Boeing and Bombardier.
Icon Polymer Group is a leader in the design, manufacture and qualification of highly engineered polymer products using the latest technology, materials and production processes. The company’s innovative technology is used in high-performance applications in aerospace, defence, rail and off-highway vehicles.
Founded in 1976, Grand River employs around 200 people in the specialist manufacture of products such as washers, gaskets and pipe support systems for niche applications, as well as vacuum cleaner flat drive belts. Its annual turnover is around US$45 million.
For further information on Icon Polymer Group, visit www.iconpolymer.com. Further information on Grand River can be found at www.grandriverrubber.com.
About Icon Polymer Group
Icon Polymer Group provides customised engineered solutions to blue chip companies across the world through the innovative application of polymer technology. With manufacturing sites in Retford, Nottinghamshire, and Burton-on-Trent, Staffordshire, the company exports to more than 30 countries. Icon Polymer Group supports numerous OEM platforms with components for international rail applications, civil and military off-highway vehicles and civil and military aircraft.
For more details visit www.iconpolymer.com