In February 2005, Halifax acquired PolyPipe, Inc. from Rinker Materials (now a subsidiary of Cemex S.A.B. de C.V. (NYSE: CX)). PolyPipe is a leading domestic manufacturer of polyethylene pressure pipe. The investment in PolyPipe represented an opportunity to acquire an industry leader in a high growth infrastructure market. Polyethylene pipe has a 25 year track record of growth driven by its significant performance advantages over other materials, such as steel, cast iron and PVC. Polyethylene, in addition to being lightweight, flexible and corrosion resistant, is the most reliable and only leak-proof plastic pipe in the market.

Prior to Halifax's acquisition, PolyPipe had been an orphaned division inside of Rinker with no new capital investments since 1999. Because PolyPipe was a corporate carve-out from Rinker, Halifax had to usher the Company through a six-month transition period from an orphaned division to a stand-alone business. During this transitional period, Halifax helped PolyPipe create a completely autonomous infrastructure by recruiting a new CFO and controller, installing a high powered SAP operating system, establishing new employee benefit programs and adding two highly qualified independent directors to the Board.

Additionally, Halifax has worked alongside PolyPipe's management team to capitalize on a number of growth opportunities available in the market. Together we have added large diameter capability in our Nevada plant, built a new plant in Wyoming, executed an asset optimization study and reviewed multiple acquisition candidates.