Platinum Equity has agreed to acquire the foam plastics and flow control devices divisions from Broadway Industrial Group for about $111 million. The purchase follows Platinum’s 2015 deal for plastics injection manufacturer Ying Shing Enterprises.
Broadway’s foam plastics business provides insulation and packaging products to the consumer electronics, automotive and medical sectors. The flow control devices division supplies valves and fittings to the automotive and semiconductor industries. Broadway Industrial is a Singapore-based industrial parts distributor. The company considered the assets being sold to Platinum non-core and will use at least some of the sale proceeds to pay down debt.