Hexpol AB (Malmö, Sweden; www.hexpol.com) has acquired the business of Portage Precision Polymers Inc., a well-known rubber compounder in the U.S. market. Portage Precision Polymers, with two manufacturing facilities in Ohio (Ravenna and Mogadore), had a turnover of $29 million in 2013. The Ravenna facility is not included in the transaction and its business will be transferred to other Hexpol facilities.
"This is a further step in expanding and strengthening the Hexpol Group with a further acquisition within our core business. Portage Precision Polymer product portfolio and customer base will fit nicely into the Hexpol Group," said Georg Brunstam, Hexpol CEO.
The acquisition price amounts to approximately $13.2 million on a cash and debt-free basis, and was funded by a combination of cash and existing bank facilities. The business will be consolidated from December 2014.