Kenway Corp. acquired by Pennsylvania firm
Photo / David A. Rodgers
Kenneth Priest II, one of the majority owners of Kenway Corp., is shown in this 2009 file photo when he was president and CEO of Kenway Corp., talking to a worker assembling a boat for its subsidiary Maritime Marine. On Monday, the Augusta-based company announced it has been purchased by Creative Pultrusions Inc. and will operate as a division of the Pennsylvania company, with Kenway President Ian Kopp continuing to serve in that role.
Courtesy / Kenway Corp.
A submarine docking "camel" — the barrier placed between ship and pier — designed by the Augusta-based Kenway Corp. is moved into place at a Navy base in New London, Conn. The composite units weigh around 100,000 pounds each.
Augusta-based Kenway Corp., which manufactures custom composite products for a wide range of industries, announced Monday that it has been acquired by Creative Pultrusions Inc., located in Pennsylvania.
The Kennebec Journal reported that Kenway and its 70 employees are expected to remain in Augusta as a division of CPI, itself a subsidiary of United Kingdom-based Hill & Smith Holdings PLC.
Terms of the deal were not disclosed by the privately held companies.
“As to the employees and the Augusta facility, this acquisition is very positive,” Kenway President Ian Kopp said in a statement. “CPI has signed a lease to remain in Augusta, and all employees are being retained. Though the majority owners Kenneth Priest and Michael Priest have retired, I will continue as president.”
Kopp characterized CPI as a company with similar values, business philosophy and “vision for the future of the composites industry.”
A long history of innovation
Founded in 1947 by Kenneth G. Priest Sr. under the name of Kenway Boats, the company initially built wooden runabouts designed by Priest. Over next two decades the company transitioned to making fiberglass boats and other composite products. In 1966, reflecting its decision to focus exclusively on industrial clients, the company changed its name to Kenway Corp.
The company now manufactures custom composite products for industries ranging from marine to pulp and paper mills, transportation, power plants and renewable energy.
In 2009, Kenneth Priest II, the founder’s son, was named the Mainebiz Business Leader of the Year in the large company category.
In November 2015 the company acquired the assets of the recently dissolved Harbor Technologies LLC, a Brunswick-based business founded in 2003 by Maine composites pioneer Martin Grimnes, characterizing it as a strategic acquisition that expanded Kenway’s product offerings in the waterfront infrastructure market.
Alum Bank, Pa.-based CPI was established in 1973 and makes fiberglass products for a wide range of industries. Its parent company, Hill & Smith Holdings, serves customers from facilities located in the United Kingdom, France, United States, Thailand, Sweden, Norway, India and Australia. Hill & Smith has 3,800 employees in eight countries, according to its website.
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