It has bought out its 50% partner in a Can$36.6m deal

British Vita has taken complete control of its Canadian joint venture in a deal worth Can$36.6m (E22.8m). The UK firm today acquired the 50% shareholding in Vitafoam Products Canada, Engineered Foam Products and subsidiaries. The business manufactures and sells flexible polyurethane foam for a range of comfort and industrial applications, from many locations in Canada.

Vita has owned 50% of the business since 1973, alongside its partners the Himel family. Last year the net assets of the business were valued at Can$13.1m (E8.18m) and profit before tax was Can$5.0m (E3.1m). The acquisition was financed from existing cash and debt facilities.

Chief executive David Campbell said: “This acquisition to a full 100% holding represents a strategic geographic extension of Vita’s global leadership in Cellular Polymers. This is an opportunity in North America to successfully build on our core divisional strengths and enhance shareholder value.”