Greenwich, Connecticut - AXA Private Equity has agreed to buy speciality resins and polymers manufacturer Eliokem from investment firm Littlejohn & Co. for about â‚¬130 million.
The French chemical maker produces and markets antioxidants and performance enhancing polymers for latex used in tyre cord, as well as specialty resins for the painting and coating industry.
Connecticut-based Littlejohn bought Eliokem from Goodyear Tire & Rubber Co. in 2001.
Littlejohn president Michael Klein said Eliokem's revenue and earnings had increased since his company's takeover despite negative raw material costs and currency movements.
â€œLittlejohn has supported our growth since our beginning as an
independent organisation and their expertise was particularly valuable as we established a broader presence in Asia and built a new facility in China to serve that region," Eliokem chief executive Jacques Collonge said.