DUBAI, UAE, April 9, 2013 /PRNewswire/ -- In the news release, "Future Pipe Industries Group Signs Agreement for the Acquisition of Specialty Plastics, Inc." issued on 9 Apr 201308:00 GMT, by Future Pipe Industries Group (FPIG) over PR Newswire, we are advised by a representative of the company that the headline should read "Future Pipe Industries Group Acquires Specialty Plastics, Inc." and changes have been made to the subheadline and first paragraph. Complete, corrected release follows: FPIG acquires 100% of Specialty Plastics, Inc. Future Pipe Industries Group (FPIG), as part of the execution of its global growth strategy, has acquired 100% of the fibreglass reinforced pipe business, Specialty Plastics, Inc. (SPI) from ITT Exelis (NYSE: XLS). SPI, based in Baton Rouge, Louisiana, USA, is a leading supplier of fibreglass pipes and systems for offshore platforms and marine vessels. The takeover is a strategic addition to FPIG's composite pipe business and adds a significant new offering to its already extensive product range extending FPIG's global capabilities in the offshore rig and floating production and storage of oil (FPSO) market. "We are excited about this new opportunity," said Fouad Makhzoumi, Chairman and CEO 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 expertise will extend our ability to deliver competitive services particularly in the Americas and continue to strengthen FPIG as a leading global provider of composite pipe systems." "The acquisition of SPI is in line with our strategy of organic growth coupled with the acquisition of other complementary businesses which have prominence and demonstrated technical excellence in their own markets. The acquisition of SPI will further enhance our existing manufacturing and sales operations in the US and expand our reach within the Oil & Gas sector," concluded Makhzoumi, Chairman and CEO of Future Pipe Industries Group.