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Future Pipe acquires pipe business of ITT Exelis

NEW YORK (AP) -- Future Pipe Industries Group said Tuesday that it acquired ITT Exelis' fiberglass reinforced pipe business.

Financial terms were not disclosed.

The pipe business, Baton Rouge, La.-based Specialty Plastics Inc., supplies fiberglass pipes and systems for offshore platforms and marine vessels.

Future Pipe said the deal expands its global capabilities in the offshore rig and floating production and storage of oil market.

Future Pipe, which is based in Dubai, United Arab Emirates, designs and manufactures anti-corrosive fiberglass pipe systems.