London – Hexpol SA has acquired the American business of Portage Precision Polymers Inc. from its founder Doug Hartley and his family.
Doug Hartley started Portage Precision Polymers in 2002 and the company, today, owns two manufacturing facilities in Ohio (Ravenna and Mogadore). It had sales of $29 million in 2013.
A Hexpol press release on 1 Dec said that the acquisition amounted to around $13.2 million (€10.6 million) on a cash and debt free basis. The Ravenna facility, it added, was not included in the transaction “and its business will be transferred to other Hexpol facilities.”
The move complements Hexpol’s operations in the US and broadens its presence in rubber compounding, according to Tracy Garrison, president and CEO Hexpol Compounding NAFTA.
The acquisition “expands our capabilities and capacities to serve our customers in a more efficient way,” said Garrison. “Portage Precision has also a silicon[e] rubber mixing unit in Mogadore, which complements and expands our existing product portfolio.”