Shawmut acquires TPI

Shawmut Corp. said today it has acquired the assets of TPI Industries of Middletown, N.Y., and Knoxville, Tenn.

Shawmut is a textile laminator headquartered in West Bridgewater, and TPI is a provider of laminated textiles to the marine, heavy truck, orthopedic brace industries.

Financial terms of the acquisition were not disclosed.

Shawmut said TPI will operate as a subsidiary and that TPI will continue to be run by John Bowe, TPI's founder and president.

"Over the past five years, we have watched John Bowe build TPI into a dominant position in its market, using TPI's highly efficient operations to deliver an unbeatable combination of price, quality, and service to its customers," Shawmut chief executive James Wyner said in a statement. "The combination of Shawmut and TPI brings together two clear leaders in their respective segments to create an organization of unique geographic reach, strength, and stability in our industry."
(By Chris Reidy, Globe staff)