Clopay Plastic Products Company has signed a letter of intent to acquire Hangzhou SNT Absorbent Technology Co., Ltd., a Chinese manufacturer of perforated films and nonwovens located in Hangzhou, China. The transaction is
contingent upon conclusion of the definitive agreements and approval of
the applicable authorities.
A Clopay spokesman stated that the company is excited about entering
into new geographic and product market area and feels that there are
strong synergies that can be leveraged between the two companies.