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 DUBAI, UAE,  April 9, 2013  /PRNewswire/ --FPIG to acquire 100% of Specialty Plastics, Inc.Future Pipe Industries Group (FPIG), as part of the execution of its globalgrowth strategy, has signed an agreement with ITT Exelis (NYSE: XLS), to acquire100% of the fibreglass reinforced pipe business, Specialty Plastics, Inc. (SPI)SPI, based in  Baton Rouge, Louisiana, USA, is a leading supplier of fibreglasspipes and systems for offshore platforms and marine vessels. The takeover is astrategic addition to FPIG's composite pipe business and adds a significant newoffering to its already extensive product range extending FPIG's globalcapabilities in the offshore rig and floating production and storage of oil(FPSO) market."We are excited about this new opportunity," said  Fouad Makhzoumi, Chairman andCEO of Future Pipe Industries Group. "The acquisition of Specialty Plastics,Inc. is a strategic fit to FPIG that will complement its product offerings,geographical reach and customer sectors. SPI's solutions, people and expertisewill extend our ability to deliver competitive services particularly in theAmericas and continue to strengthen FPIG as a leading global provider ofcomposite pipe systems.""The acquisition of SPI is in line with our strategy of organic growth coupledwith the acquisition of other complementary businesses which have prominence anddemonstrated technical excellence in their own markets. The acquisition of SPIwill further enhance our existing manufacturing and sales operations in the USand expand our reach within the Oil & Gas sector," concluded Makhzoumi, Chairmanand CEO of Future Pipe Industries Group.About Future Pipe Industries GroupFuture Pipe Industries Group was established in 1984 and has since grown tobecome a global leader in anti-corrosive fiberglass pipe system design andmanufacturing. FPIG offers a complete product range and solutions to complexengineering projects for a wide variety of applications in the Oil & Gas,Marine, Industrial, and Infrastructure sectors. FPIG currently operates 9factories around the world with more than 3500 employees and serves more than300 major customers in over 50 countries.  For further information, please contact:Future Pipe Industries Group             Mariana Missakian                     Corporate Communications Director              T: +971-4-3896152                E:  m.missakian@futurepipe.com   SOURCE  Future Pipe Industries Group (FPIG)