(Rubber & Plastics News report)
Stockholm, Sweden – Hexpol AB has signed an agreement to acquire Kardoes Rubber Co. from Frank Kardoes, who founded the business in 1988, and his family for $31.8 million (€23.3m) on a cash and debt free basis.
Hexpol said it expects the acquisition to be completed at the end of July, and it plans to begin consolidating the business in August.
Kardoes Rubber operates a manufacturing facility in LaFayette, Alabama, US, with a turnover of $43 million in 2013. It employs about 90.
“This is a further step in expanding and strengthening the Hexpol Group with a further acquisition within our core business,” said Georg Brunstam, Hexpol Group CEO. “Kardoes Rubber, with its competence and capabilities, will fit nicely into the Hexpol group.”
Hexpol is a worldwide polymers group that focuses on advanced rubber compounds, gaskets for plate heat exchangers, and plastic and rubber materials for truck and castor wheel applications.
Its customers are primarily original equipment manufacturers of plate heat exchangers and trucks, systems suppliers to the global automotive and engineering industries, the energy sector, and medical equipment manufacturers.
Hexpol is organized into two business areas: Hexpol Compounding and Hexpol Engineered Products. The group’s 2013 sales were about $1.18 billion. It employs about 3,400 in 10 countries.