01.04.17
National Presto Industries Inc. has sold its absorbent products division to Drylock Technologies for $71 million. Based in Belgium, Drylock will continue to operate Presto's Eau Claire, WI facility, making the site its U.S. headquarters. It has entered a multi-year lease for the plant with National Presto and will offer employment to all current workers.
“We are very proud of the strides our absorbent product business has made in the last several years, but recognized that to move to the next level for full success, we needed to combine the operation with that of a major player in the industry," says Maryjo Cohen, president of National Presto.
Founded in 2012, Drylock makes private label diapers, feminine hygiene and adult incontinence products in Europe. Its main technology is centered around a no- or low- fluff absorbent core, which leads to extremely thin absorbent products.
“This acquisition brings us significant synergies such as presence in the U.S., product portfolio expansion, access to a very attractive customer and manufacturing base as well as a highly professional management team," says Drylock CEO Bart Van Malderen. "The employees of Presto Absorbent Products Incorporated will be integrated in the Drylock structure, ensuring continuity of the existing business. We are convinced that this strategic acquisition will contribute further to our increasing internal growth and we welcome the customers, employees and suppliers. Like Drylock, Presto is focused on innovation and quality.”
National Presto, which also has divisions that make ammunition for the military and small kitchen appliances for consumers, says its absorbent products unit was originally formed to acquire the assets of a struggling baby diaper company in 2001. Today it is a manufacturer of adult incontinence products for institutional and retail distributors.
Van Malderen said the acquisition was in line with Drylocks 2020 growth plan. The company, which has plants in Russia and the Czech Republic, acquired CIP Assorbenti, an Italian feminine hygiene company in late 2015.
“We are very proud of the strides our absorbent product business has made in the last several years, but recognized that to move to the next level for full success, we needed to combine the operation with that of a major player in the industry," says Maryjo Cohen, president of National Presto.
Founded in 2012, Drylock makes private label diapers, feminine hygiene and adult incontinence products in Europe. Its main technology is centered around a no- or low- fluff absorbent core, which leads to extremely thin absorbent products.
“This acquisition brings us significant synergies such as presence in the U.S., product portfolio expansion, access to a very attractive customer and manufacturing base as well as a highly professional management team," says Drylock CEO Bart Van Malderen. "The employees of Presto Absorbent Products Incorporated will be integrated in the Drylock structure, ensuring continuity of the existing business. We are convinced that this strategic acquisition will contribute further to our increasing internal growth and we welcome the customers, employees and suppliers. Like Drylock, Presto is focused on innovation and quality.”
National Presto, which also has divisions that make ammunition for the military and small kitchen appliances for consumers, says its absorbent products unit was originally formed to acquire the assets of a struggling baby diaper company in 2001. Today it is a manufacturer of adult incontinence products for institutional and retail distributors.
Van Malderen said the acquisition was in line with Drylocks 2020 growth plan. The company, which has plants in Russia and the Czech Republic, acquired CIP Assorbenti, an Italian feminine hygiene company in late 2015.
