ELKHART, Ind. - NIBCO Inc. has signed a purchase agreement to acquire the assets of Consolidated Plumbing Industries (CPI). CPI manufactures cross-linked polyethylene (PEX) tubing for the North American water distribution and radiant heating markets at its manufacturing location in Lebanon, Ohio. CPI's headquarters and distribution center are located in Knoxville, Tenn.

"The purchase of CPI's business supports our goal of growth through acquisition, expanding our access to products and markets," said Rex Martin, chairman, president, and CEO of NIBCO. "The PEX plumbing and heating industry is expected to grow significantly over the next several years. This acquisition positions NIBCO to emerge as one of the few dominant residential and commercial leaders in the PEX industry.

"This is an important and exciting landmark in NIBCO's evolving history," continued Martin. "The acquisition of CPI makes NIBCO a major player in cross-linked polyethylene tubing manufacturing with a full line of PEX fittings, manifolds, valves, and installation accessories."