Hexpol acquires majority stake in Turkish TPE compounder Symplast

Stockholm – Hexpol (publ) has acquired 80% of Symplast A?, an Izmir, Turkey-based manufacturer of thermoplastic elastomer (TPE) compounders for the automotive, construction, consumer and E&E industries.

The €54 million deal is expected to close by first quarter 2027, subject to various closing conditions and authority approval, and includes rights for Hexpol to acquire all remaining shares.                                                                                             

Symplast, which was founded in 2013, is being acquired from its four founding shareholders, Selahattin Dülger, Ya?ar Kurtulu?, Ali R?za K?r and Fahri Tolga Sar?kahya.

Ali R?za K?r and Fahri Tolga Sar?kahya will continue to run the company within the Hexpol Thermoplastic Compounding business.

With 135 employees, Symplast generates sales of around €34 million from the supply of TPEs for applications such as automotive weatherseals, window and door systems, construction membranes, consumer products and cables.

The acquisition “significantly strengthens Hexpol’s thermoplastic compounding platform and stretches further the position in the growing Turkish market,” said the Swedish group’s 21 Oct announcement,

As well as the production and R&D facilities at its HQ site in ?zmir, Symplast also operates a facility for semi-finished materials in Poti, Georgia, and has a sales office in Germany.

The Turkish operation, according to Hexpol, has “substantial available capacity and room for further expansion.”

“Symplast gives Hexpol a strong position in Turkey, an attractive and strategically located manufacturing market with a well-developed automotive and construction industry,” stated Henrik Elmin, CEO and president of Hexpol.

Added Hexpol Thermoplastic Compounding president Jan Wikström: “Symplast brings strong formulation and application expertise, modern production capabilities and... a clear focus on customer service."

The acquired company, continued Wikström, is “highly complementary to our existing thermoplastic operations and provides an attractive platform for continued growth, both in Turkey and in export markets.”