Middlefield, Ohio -Â Hexagon Polymers is to buy the privately-held American rubber compounding company Gold Key Processing, Ltd. Gold Key is located in Middlefield, Ohio, USA and employs approximately 160 people.
Gold Key supplies rubber compounds for the automotive, industrial, construction, pharmaceutical and aero-space industries. The capacity of the production facility in Ohio is 35 000 tons per year.
Gold Key's sales in 2007 are estimated at $75 million (â‚¬55 million). According to Hexagon, Gold key's sales have been growing at around 30 percent annually. The company was founded in December 1997 by four members of its current management team - Chairman James Schill, President and CEO Robert Toth, Randall Vancura, vice president of operations and Marian Morrison, vice president of administration and customer service .
First production began in January 1999. Now, the company has three intermesh mixing lines and a pilot line that's part of its mixing and testing operation. The most recently-added line also has a pelletiser.
â€œGold Key is a perfect fit to the compounding business within Hexagon Polymers. Besides strengthening our position in Americas, Gold Key also brings new product lines, knowledge and competence in new material fields to the business", said Ola RollÃ©n, CEO and President of Hexagon AB.
RollÃ©n commented, "The Board of Directors of Hexagon has announced its intentions to spin off Polymers. With Gold Key as an integral part of the business, Polymers will be even more attractive as a listed company."
Gold Key will be consolidated as of 1 September 2007 and will immediately contribute to Hexagon's earnings.
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Press release from Hexagon
Website of Gold Key