Fox Blocks, a division of Omaha-based Airlite Plastics Co., announced Tuesday that it will acquire major assets of Reward Wall Systems Inc. effective Feb. 15, 2014. The terms were not disclosed.
Fox Blocks and Omaha-based Reward Wall Systems both develop and manufacture insulated concrete form products, or ICFs, used in the construction industry. The products feature a hollow space between foam blocks that is filled with concrete.
Manufacturers of ICFs boast advantages over wood-framed structures, including improved protection against damaging winds and more energy efficiency.
The acquisition will push Fox Blocks from fifth to third in market share among the top manufacturers of ICFs in North America, according to Mike Kennaw, vice president of sales and marketing at Fox Blocks.
“Reward Wall Systems has many key relationships with a lot of key customers in markets we’re looking to add to or strengthen our market share, and having the added volume of business will increase our efficiencies, buying power and sheer volume,” Kennaw said.
The transaction is the first major acquisition for Fox Blocks, but Reward Wall Systems is no stranger to its new suitor. Airlite Plastics manufactured ICFs for Reward from 1996 until 2006, when Airlite launched Fox Blocks.
Fox Blocks are manufactured locally at Airlite Plastics’ plant north of Eppley Airfield and at 12 other contract locations. Contract manufacturers currently produce all of Reward’s product lines.