Westlake Chemical Corp. (Houston) announced plans for one of its subsidiaries to acquire the parent company of Dimex LLC, from Grey Mountain Partners, a private equity firm. Based in Marietta, Ohio, Dimex produces a variety of consumer products made from post-industrial-recycled (PIR) polyvinyl chloride (PVC), polyethylene (PE) and thermoplastic elastomer (TPE) materials, and has annualized sales of approximately $100 million. These consumer products include landscape edging; industrial, home and office matting; marine dock edging; and masonry joint controls. The proposed transaction is subject to customary closing conditions, including the expiration or termination of the applicable waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, and is expected to close during the second half of 2021.
“Westlake’s pending acquisition of Dimex underscores the company’s longstanding commitment to stewardship of the environment and recycling, and to taking actions that contribute to a sustainable, circular economy,” said Robert Buesinger, Executive Vice President, Vinyl Products of Westlake Chemical Corporation. “With over 30 years of experience, Dimex is one of the largest processors of recycled plastic materials in the United States. Dimex also supplies recycled flexible PVC and TPE compounds to other environmentally conscious manufacturers. Because Dimex uses its compounds in its own products, the company is uniquely positioned to understand its customers’ needs and to provide the engineering, manufacturing, and distribution capabilities to meet those needs quickly and effectively. We look forward to welcoming Dimex and its approximately 300 employees to the Westlake family of companies.”
Since its founding in 1991 as a regional compounder and extruder, Dimex has grown its consumer and commercial products that are sold into growing markets. Following its acquisition by Grey Mountain Partners in 2013, the company expanded its product development resources, which resulted in the introductions of No-Dig Landscape Edging®, MotionTex® Fitness Equipment Mats, and GrillTex® Under the Grill Protective Deck and Patio Mats. Dimex has also established relationships with major retailers in the United States and has developed its commercial distribution and online commerce channels as well. Over the last four years, Dimex has secured 29 U.S. patents for its products.