Hexpol AB (Malmö, Sweden) has signed an agreement to acquire 70% of the shares in almaak International GmbH, a specialist in recycled engineered polymer compounds based in Krefeld, Germany. The company is engaged in the refinement of plastic raw materials into finished compounds.
The acquisition is fully in line with HEXPOL’s M&A strategy with desired growth in thermoplastic compounding and specialty engineered polymers with high level of recycled materials. Furthermore, the acquisition strengthens the company’s market position in Europe. The current owners of almaak, Mr. Olaf Eichstädt and Mr. Thomas Schmeinta, will stay with the company and further drive growth and technical excellence.
During the last few years, almaak has made significant investments in equipment and technology to secure the company’s continued growth and meet the increased demand for sustainable products. almaak’s turnover in 2021 amounted to EUR 75 million with a profitability level just below the HEXPOL Group. almaak operates two sites in Germany with some 190 employees. The main end-user segment is the European automotive industry, where the interest for recycled compounds is high.
The acquisition price amounts to approximately EUR 70 million on a cash and debt free basis and is funded by a combination of cash and existing bank facilities. Pursuant to the agreement, HEXPOL has an option to acquire the remaining shares, and Mr. Olaf Eichstädt and Mr. Thomas Schmeinta have the option to sell their remaining shares to HEXPOL. The transaction will close after regulatory approval which is estimated to the 2nd quarter of 2022.