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Seal & Design acquires Syracuse manufacturer

Resource from:  The Business Journal Likes:215
Sep 01,2015
Seal, gasket and o-ring manufacturer Seal & Design Inc. has acquired Syracuse-based Higbee Inc. Terms were not disclosed. Officials at Clarence-based Seal & Design said the acquisition will allow the company to expand geographically, and sell its products to Higbee customers. “We make o-rings and specialty rubber products,” said Seal & Design President Dean Penman. “Higbee doesn’t sell those products, but their customers buy them, so we should be able to sell more.” Over the summer, Seal & Design completed a $3 million, 40,000-square foot expansion at its Clarence headquarters at 4015 Casilio Parkway. Penman said that the acquisition was part of the growth plan at Seal & Design, which boasts revenues of about $37 million. Higbee’s revenues, he said, are somewhere between $10 million and $11 million. “We should top $50 million in revenues with this acquisition,” he said. About 40 people work at Higbee, which was founded in 1932 by Lyman Higbee. Penman said that after 40 years running the company, the founder’s son, Larry Higbee, sold the business to Seal & Design and will retire. The Syracuse operation will be known as Seal & Design Inc., Higbee Division. Between Seal & Design’s Toronto and Clarence locations, the company employs about 115. The Toronto location was a result of a 2006 acquisition of Able O-Rings.
(The Business Journal)
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